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HEX token collapses after investigation against its founder
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The Finnish police seized more than US$2.6 million in luxury watches owned by Richard Schueler, founder of the Hex blockchain. According to Finland’s national broadcaster Yleisradio Oy (Yle), authorities collected 20 luxury watches, most of which were Rolex.
The newspaper stated that the seizure occurred in the city of Espoo inside a residence, but they did not say whether each belonged to Schueler. Hex founder faces accusations of tax evasion throughout Finland, which motivated the operation at the residence.
According to Yleisradio Oy (YLE), the assets are valued at US$2.68 million.
Schueler founded Hex, a cryptocurrency marketed as a “blockchain certificate of deposit” high-yield. But the platform fell into the crosshairs of the United States Securities and Exchange Commission (SEC), which accuses blockchain to issue securities without authorization.
About the seizure
At the same time, Schueler also faces accusations of improperly using $12 million from Hex to buy luxury goods and promote above-market returns. In 2022, the founder of Hex was accused of allegedly paying $22 million in Bitcoin (BTC) to purchase an exclusive diamond.
As a result of the operation, the HEX token price fell 8.3% and also followed the other market losses this Wednesday (08).
News of Schueler’s watch seizure came after reports in late December that Interpol had issued an arrest warrant against him for tax fraud and assault charges.
The man allegedly “physically assaulted a 16-year-old victim, grabbing her hair, dragging her to the stairs and throwing her to the floor.” As a result, Interpol issued a “red alert“, giving Schueler’s capture as a “priority”.
Many of the clocks were purchased in Finlandwhile others were purchased in the United States. Harri Saaristola, the detective in charge of investigating Shueler, said police were able to track the products through intelligence services.
The SEC alleges that Hex does not pass the Howey test, which defines whether or not an asset is a security. As it did not pass, the blockchain would need a license issued by the SEC to offer its services to customers in the US. According to the SEC, Schueler offered “unrealistic” returns but delivered a token that fell 98.4% compared to to its peak.
HEX token collapses after investigation against its founder
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HEX token collapses after investigation against its founder
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HEX token collapses after investigation against its founder
