The HEX token experienced a sharp 30% decline in value following reports of its founder Richard Schueler’s arrest in Istanbul, according to CoinTelegraph. This news triggered significant selling pressure, wiping out approximately $160 million in market value.
Schueler’s arrest came nearly two years after Interpol issued a Red Notice for his capture, marking a significant development in the ongoing legal saga surrounding the crypto project. The arrest was reported by local media and quickly impacted investor confidence in HEX.
For Japanese investors, who have shown growing interest in decentralized tokens, this incident underscores the risks associated with projects tied closely to individual founders, especially amid tightening regulatory scrutiny across global markets.