Moshe Hogeg, A Leading Israeli Crypto Entrepreneur, Allegedly Embezzled ICO Funds

Israel is home to Moshe Hogeg, which is one of the most successful and prominent entrepreneurs in the cryptocurrency industry. However, he seems to have gotten in hot water recently with one of his companies recently, since he’s the subject of an embezzlement case that accused him of stealing funds from two Initial Coin Offerings.

The 17 shareholders of IDC Investdotcom Holdings, better known as Invest.com, were the petitioners in this case, requesting to liquidate their business. A Tel Aviv court appointed a liquidator for now. This same group of shareholders formerly held stocks for AnyOption, a former binary options firm. The case discusses how the two industries cases are closely related, though the binary options industry is no longer valid in Israel.

According to the petition filed, Invest.com and AnyOption were merged in June 2017 after Israel’s government banned the binary options sector. The agreement was amended in February, giving $3.5 million and shares of Stox to the former shareholders of AnyOption. Stox is a cryptocurrency form.

One of the listed ICOs was performed in August 2017 for Stox’s fundraising project, bringing in $34 million worth of ETH at the time. However, the market went up, and this valuation rose to $60 million. To help fund a project named Zodiac, which was a part of Stox, the company held another ICO in February this year. At the time, the project raised $33 million, which is included in the petition well.

The complaint says that the amount contributed never went to the progress of Invest.com. Instead, the shareholders believe that Hogeg embezzled the funds, making Invest.com insolvent. However, Invest.com has denied this allegation.

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