HEX Falls Nearly 30%, Sheds $160M in Market Value.

HEX lost nearly 30% in 24 hours as reports circulated that founder Richard Schueler had been detained in Istanbul, cutting about $160 million from the token’s market value.

HEX traded at $0.0006 at 7:28 a.m. ET (11:28 UTC) Thursday. Its market capitalization stood near $340 million, down from more than $500 million on Wednesday. The token had topped $0.44 in September 2021.

Turkish authorities reportedly detained Schueler and his wife in Istanbul. Reported seizures included devices, hardware wallets, jewelry and handguns.

Finnish authorities have sought Schueler’s arrest over allegations of tax fraud and assault; Interpol issued a Red Notice for him nearly two years ago.

Separately, the U.S. Securities and Exchange Commission sued Schueler in 2023, alleging he raised $1 billion through an unregistered securities offering and misappropriated at least $12 million. A federal judge dismissed the case in February 2025, ruling the activities were not sufficiently directed at U.S. investors. The SEC said in April 2025 it did not intend to refile the securities-fraud complaint.