HEX erases $246 million in market cap after founder detained in Turkey
The HEX market cap fell from $561 million to $315 million this week after founder Richard Schueler — better known to the crypto community as Richard Heart — was detained by authorities in Istanbul on October 14.
Police seized $7.15 million in cash along with firearms and ammunition during an early morning raid in Istanbul’s Beşiktaş district, alongside searches of 15 related addresses according to Turkish Justice Minister Akın Gürlek.
Police impounded nine luxury vehicles registered to Schueler’s wife according to news agency Anadolu. The haul reportedly included 28 watches, 300 bags and 19 graphics cards.
Interpol issued a “Red Notice” for Schueler’s two years ago over allegations of tax fraud and assault, after Finnish authorities sought his arrest.
A spokesperson for Finland’s National Bureau of Investigations declined to comment on the matter.
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