In the cryptocurrency industry, news spreads fast, and its impact on markets can be immediate. That was evident when HEX, the cryptocurrency founded by Richard Schueler, also known as Richard Heart, faced a dramatic drop in value. Interpol issued a Red Notice for Schueler, placing him on Europe’s Most Wanted list, causing a sharp 25% decline in HEX’s value.
Interpol Red Notice Shakes the HEX Market
On December 23, Interpol issued a Red Notice for HEX founder Richard Schueler, following requests from Finnish authorities. A Red Notice is a global alert that facilitates provisional arrests for extradition purposes, though it is not an international arrest warrant.
The notice accuses Schueler of evading taxes worth hundreds of millions of euros between June 2020 and April 2024. The Finnish tax service has flagged significant discrepancies between Schueler’s reported income and its own estimates, suggesting systematic financial misconduct.
Schueler also faces accusations of assaulting a 16-year-old, an incident allegedly involving dragging the victim by their hair and striking them. The assault charges, paired with the tax evasion allegations, have escalated his case to international attention. These developments led to his inclusion on Europe’s Most Wanted list.
The announcement from Interpol sent shockwaves through the cryptocurrency market. HEX, which had previously surged 15% amid speculative trading, lost 25% of its value following the news, a similar issue that happened with Toncoin earlier in the year. Once trading at an all-time high of $0.5561, HEX has already lost more than 99% of its value.
Analysts suggest that the initial 15% surge in HEX’s price, following the announcement of the Red Notice, may have been driven by speculative traders seeking short-term gains. However, the subsequent decline brings market concerns about the long-term viability of the cryptocurrency.
HEX Founder Faces Mounting Legal Troubles
Richard Schueler has been a polarizing figure in the cryptocurrency world, often touting his success and philanthropic contributions. However, his legal troubles paint a different picture. Finnish authorities are not the only ones scrutinizing him. The U.S. Securities and Exchange Commission (SEC) has also accused Schueler of raising over $1 billion through unregistered securities tied to HEX, PulseChain, and PulseX.
Despite these mounting challenges, Schueler has remained active on social media. On December 21, he posted cryptic messages addressing his critics, including, “It feels great to be wanted. Nothing can stop an idea whose time has come.” In another post, he boasted about raising $27 million for medical research, seemingly downplaying the gravity of the accusations against him.
Critics argue that his social media activity means a dismissive attitude toward the serious charges he faces. However, his supporters view his statements as evidence of resilience, leading some to double down on their support for HEX despite the controversies.
Looking Ahead
The allegations against Schueler extend beyond financial misconduct, raising ethical questions about the impact of personal actions on the projects founders lead.
With Interpol, Europol, and Finnish authorities involved, Schueler’s legal troubles are far from over. The Red Notice has increased pressure on him, complicating his efforts to maintain public support and investor confidence.