HEX token sellers erase $160M following reports of founder Richard Schueler arrest

The HEX token’s price declined by 30% following local media reports of the Istanbul arrest of founder Richard Schueler, nearly two years after Interpol issued a “Red Notice.”

The Hex (HEX) token fell nearly 30% in the past 24 hours after local media reports of founder Richard Schueler, also known as Richard Heart, being detained by authorities in Istanbul.

The HEX token declined to $0.0006 as of 11:28 am UTC on Thursday, erasing about $160 million from its market capitalization, from more than $500 million on Wednesday to $340 million by press time, according to CoinMarketCap. It previously topped $0.44 in September 2021.

On Wednesday, news outlet Ihlas Haber Ajansı (IHA) reported that Schueler and his wife were detained in Istanbul by Turkish authorities. Police reportedly seized multiple devices, hardware wallets, jewelry and handguns.

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