The HEX token dropped 30% after reports of founder Richard Schueler’s arrest in Istanbul, erasing approximately $160 million from its market capitalization. The token’s market cap fell from over $500 million on Wednesday to $340 million, with its price dropping to $0.0006, down from a peak of $0.44 in September 2021. The arrest comes nearly two years after Interpol issued a Red Notice for Schueler, also known as Richard Heart, for alleged tax fraud and assault, with Finnish authorities seeking his arrest. In July 2023, the US SEC sued Schueler, alleging he raised $1 billion in an unregistered securities offering.
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