BREAKING: HEX Crashes Nearly 30% as Founder Richard Heart Is Reported Detained in Istanbul — $160 Million Wiped Out
The HEX token has crashed nearly 30% in the past 24 hours, falling to about $0.0006 on Thursday after reports that its founder has been detained in Turkey. The sell-off wiped about $160 million off its value, with its market cap dropping from more than $500 million on Wednesday to about $340 million, according to CoinMarketCap data.
Turkish news outlet Ihlas Haber Ajansi reported that Richard Schueler, better known in crypto as Richard Heart, was detained in Istanbul together with his wife. Reports say police seized several devices, hardware wallets, jewelry and handguns during the operation. No official confirmation from Turkish or Finnish authorities was included in the first reports.
The reported detention follows an Interpol Red Notice issued nearly two years ago. Finnish authorities have been seeking Schueler over alleged tax fraud and assault, and he was also placed on Europe's most wanted fugitives list. A spokesperson for Finland's National Bureau of Investigation declined to comment on the reports.
Schueler also faced a major US case in the past. The SEC sued him in July 2023, alleging he raised about $1 billion through an unregistered securities offering and misused at least $12 million. A US judge dismissed that case in February 2025, and in April 2025 the SEC said it did not plan to refile the complaint.
The selling was not limited to HEX alone. Tokens linked to the same founder, including PulseChain and PulseX, also fell sharply as traders rushed to exit. The moves show how fast founder risk can hit smaller tokens, where trading liquidity is thin and one headline can trigger panic selling across a whole ecosystem.
For traders, the key point is that this story is still based on media reports, and the legal outcome is far from clear. Until authorities confirm the detention and the next steps, HEX and its related tokens are likely to stay highly volatile, with sharp moves possible in both directions on any new headline.
This post is news only, not financial advice. Always do your own research before buying or selling crypto.
Sources: Cointelegraph, CoinMarketCap, TradingView
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