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Hex supporters claim that authorities are yet to confirm if Schueler has been formally arrested or charged
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Images circulating on Turkish media.
Key facts
- 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
- At the end of the week, Bitcoin (BTC) is down 3.8% to trade at $81,484, Ethereum (ETH) is down 5.7% to trade at $2,386 and XRP (XRP) is down 8.3% to $1.28
- The top three altcoin losers of the week are Starknet (STRK) which was down 46.7%, Pump.fun (PUMP) down 27.1% and Raydium (RAY) down 26.5%
- The bank said it now expects stablecoin market capitalization to reach $2 trillion by 2030, two years later than initially projected, after the market plateaued at roughly $309 billion this year
Summary
HEX founder Richard Heart detained in early morning raid in Istanbul, Starknet plunges almost 50% as it votes to become an L1, and Bitwise says all signs point to Crypto Spring. 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. Interpol issued a “Red Notice” for Schueler’s two years ago over allegations of tax fraud and assault, after Finnish authorities sought his arrest.