HEX, the cryptocurrency founded by Richard Schueler, known as Richard Heart, saw its price surge by 15% within 24 hours of Interpol issuing a Red Notice for Schueler.
The notice, requested by Finnish authorities, cites allegations of tax fraud and assault.
HEX declined 25% in value following the Interpol announcement. But has since made a quick recovery.
The Red Notice seeks Schueler’s provisional arrest but does not serve as an international arrest warrant. It follows a September 13 remand order from Finnish authorities, raising questions about discrepancies between Schueler’s reported income and the Finnish tax service’s estimates.
Helsinki police detective Harri Saaristola highlighted these concerns, which further amplify suspicions of financial misconduct.
Founder Placed on Europe’s Most Wanted List
In addition to the Red Notice, Schueler has been placed on Europe’s Most Wanted list. He faces allegations of assaulting a 16-year-old by grabbing their hair, dragging them into a stairwell, and knocking them to the ground. The tax evasion charges span a four-year period from June 2020 to April 2024.
Despite these serious accusations, Schueler has remained active on social media, posting cryptic remarks that appear to address the situation. On December 21, he commented on X (formerly Twitter), “If the haters really wanted to get me down, they could raise more than the $27M I did for medical research. Nothing makes haters angrier than success.”
The market reaction has left observers puzzled, as HEX’s price jumped 15% amid the controversy. Analysts speculate that the surge may be driven by speculative trading or Schueler’s staunch supporters viewing the situation as an opportunity to defend the cryptocurrency.
The developments add a dramatic twist to HEX’s volatile history, leaving the crypto community divided on whether the legal challenges will impact the token’s long-term viability.
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