HEX just lived through one of its worst days in a long time, and the cause had nothing to do with Bitcoin or the broader market mood.
The token fell nearly 30% within about 24 hours, down to around $0.0006. Something like $160 million came off its market value, which dropped from above $500 million to near $340 million.
Behind the sell-off were reports out of Turkey. Local media said the project's founder, Richard Schueler — most people know him as Richard Heart — was detained in Istanbul together with his wife, with police seizing devices, hardware wallets, jewellery and firearms. I should say plainly that these are early press reports; there was no official confirmation from Turkish or Finnish authorities in the first coverage.
Still, seasoned holders had reasons to move quickly. Finland has sought Schueler over alleged tax fraud and an assault case, and an Interpol Red Notice has hung over him for nearly two years. His US fight, by contrast, ended in his favour — a court dismissed the SEC case in early 2025 and the agency said it would not refile.
The part that stood out to me was PulseChain and PulseX sliding hard on the same headlines. One founder, three tokens, one wave of fear. That is the cost of an ecosystem built around a single personality, especially when trading is thin.
This story is still developing, and official word will decide where these prices go next.
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