Sellers have taken about $160 million off the value of the HEX token. The price fell nearly 30% in 24 hours after local media in Istanbul reported that the token's founder had been detained there. Cointelegraph reported the drop on Oct 15, 2026.
The founder is Richard Schueler, who is better known as Richard Heart. The reports say authorities in Istanbul held him. They come nearly two years after Interpol issued a Red Notice for him.
Everything so far comes from media reports. The source does not say what charges, if any, he faces, which authority holds him, or what happens next. It also includes no statement from Schueler or from Turkish officials.
The report does not mention funding rates, fees or liquidity on Bitget, Bybit, MEXC or OKX. It also does not say whether any of these exchanges lists a HEX perpetual contract. For someone holding a perpetual position in another coin, this news changes nothing directly. Any effect on HEX-linked contracts is not covered in the source.
Source: cointelegraph — HEX token sellers erase $160M following reports of founder Richard Schueler arrest