The price of HEX, the cryptocurrency founded by Richard Schueler (known as Richard Heart), surged by 15% within 24 hours of Interpol issuing a Red Notice for the controversial figure.

The notice, issued on December 23, 2024, seeks Schueler’s provisional arrest in connection with serious allegations of tax fraud and physical assault. While a Red Notice does not serve as an international arrest warrant, it acts as a global request for law enforcement agencies to locate and detain an individual.

Helsinki police detective Harri Saaristola stated that these discrepancies were central to the legal action against the HEX founder.

Assault Allegations on Europe’s Most Wanted List

In addition to the tax fraud allegations, Schueler is facing accusations of assault. According to details shared on Europe’s Most Wanted Fugitives list, he is accused of physically attacking a 16-year-old by dragging them into a stairwell and knocking them to the ground. These grave allegations have fueled further controversy surrounding the founder, who has been a divisive figure in the cryptocurrency world.

Source: X

Despite the mounting legal pressure, Schueler has yet to publicly comment on the Red Notice. However, he remains active on social media, using platforms like X to post messages that seem to address his critics. On December 21, 2024, Schueler wrote: “I really do the best I can to make the world a better place, and I must say, the world can be pretty unkind to folks making a difference. First they ignore you, then they laugh at you, then they fight you, then you win. Win is in my name and winning is in my blood.”

HEX Token Reacts to Legal Drama

In a surprising twist, the price of HEX, Schueler’s flagship cryptocurrency, surged by 15% within 24 hours following the news of the Red Notice. The spike has baffled analysts, who suggest that the surge could be driven by speculative trading or by loyal supporters of Schueler viewing the legal challenges as a rallying point. The cryptocurrency market has long been volatile, and Schueler’s personal drama seems to have added another layer of unpredictability to the situation.

HEX’s price had previously dipped by 25% after the initial announcement of the Red Notice, but it swiftly recovered, indicating a degree of resilience. Some analysts speculate that the volatility could be tied to both the general market sentiment and Schueler’s significant online following.

Legal Challenges in the U.S. and SEC Lawsuit

Schueler’s legal troubles extend beyond Finland. He also faces the unprecedented lawsuit from the SEC back home over allegedly selling crypto without proper registration. The SEC now charges him with raising more than $1 billion in a sale of unregistered HEX, PulseChain, and PulseX in direct violation of US securities law.

SEC Charges HEX Founder Richard Heart with Stealing Millions from Investors. Source: SEC

The SEC further charged Schueler with using investor money to buy super sports cars, high-priced diamond watches, and a $4-million black diamond. To this date, that has stained his name in the crypto investment community as an accused scammer who swindled investors’ hard-earned investment money to make a profit.

In response to the SEC lawsuit, in August of 2024, Schueler filed a motion to dismiss the case; the court denied that motion, and the lawsuit continued. The SEC’s complaint highlights Schueler’s claims that HEX was designed to be “the highest appreciating asset,” a statement that many see as misleading in light of the token’s significant decline in value.

Schueler’s Defiant Stance

Amid these mounting allegations, Schueler has maintained a defiant stance. In addition to his December 21 post on X, he has shared several comments that imply he is unbothered by his critics. “Nothing makes haters angrier than success,” Schueler remarked, further emphasizing his belief that his accomplishments, including raising substantial funds for medical research, set him apart from his detractors.

Source: X

Schueler’s social media presence has been a key part of his public persona, with many of his followers seeing him as a resilient figure in the face of adversity. However, his critics argue that his actions have cast a shadow over his legacy and raised serious ethical questions about his role in the cryptocurrency space.

Looking Ahead: The Future of HEX

The developments surrounding Schueler’s legal battles have led many to question the future of HEX. The cryptocurrency, which has experienced significant price fluctuations, now finds itself at the center of a larger narrative involving tax fraud, assault allegations, and a major SEC lawsuit. As Schueler faces increasing legal pressures from both European and U.S. authorities, it remains to be seen whether HEX can continue to thrive in a market already known for its volatility and uncertainty.

For now, the fate of HEX and its founder hangs in the balance, as both the legal challenges and market forces continue to shape the trajectory of one of the most controversial figures in the cryptocurrency world.