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Fraud Alleged at Three Israeli ICOs That Raised $250M
The plaintiffs claim Sirin Labs, Stox and Leadcoin didn't fulfill product promises to investors.
Three Israeli initial coin offerings (ICOs) linked to entrepreneur Moshe Hogeg are claimed in a lawsuit to have been scams.
STORY CONTINUES BELOW
- As reported by The Times of Israel on Monday, the lawsuit filed May 25 claims token sales from Sirin Labs, Stx Technologies Limited (Stox) and Leadcoin had raised $250 million in total from investors, but the companies didn't develop products as investors had been promised.
- Instead, the allegation from former employees of Hogeg-owned entities is that the funds were appropriated for personal use.
- Hogeg and other defendants didn't respond to a Times of Israel request for comment. Hogeg, who owns 70% of Singulariteam, denied the allegations in another report, the online newspaper said.
- Roee Brocial and Eran Okashi brought the $1.6 million lawsuit against Moshe Hogeg, Adi Sheleg, Ido Sadeh Man, Yaron Shalem, Shmuel Asher Grizim, Avishai Ziv, Singulariteam Holding II and Singulariteam Ltd.
- The plaintiffs, employees of Sirin Labs and Singulariteam, respectively, are said to be on unpaid leave.
- They claim they were fooled into investing their own money in the ICOs and encouraged friends and family to do the same, suffering financial harm and psychological trauma as a result, according to the report.
- The owner of the Beitar Jerusalem soccer team, Hogeg has been hit by a number of lawsuits, including one for over $5.9 million in allegedly unpaid factory bills for the Sirin blockchain phone.
Read more: Crypto Mogul Moshe Hogeg’s ICOs Have Unusual Patterns, Analysis Finds
Daniel Palmer
Previously one of CoinDesk's longest-tenured contributors, and now one of our news editors, Daniel has authored over 750 stories for the site. When not writing or editing, he likes to make ceramics.
Daniel holds small amounts of BTC and ETH (See: Editorial Policy).
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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