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3 Israeli ICOs That Raised $250M Were Allegedly Fraud

  • 3 alleged ICO frauds – Stox, Sirin Labs, and Leadcoin faces a lawsuit.
  • The owner of Beitar Jerusalem F.C., Moshe Hogeg, also owns these 3 ICOs.
  • Roee Brocial and Eran Okashi brought the $1.6 million lawsuits against Hogeg.

As reported by The Times of Israel on Monday, three Israeli Initial Coin Offering (ICO) that raised $250 million were allegedly a fraud. These three ICOs are namely Sirin Labs, STX Technologies Limited, and Leadcoin owned by Moshe Hogeg.

According to this report, the companies did not develop products as promised to their investors. Consequently, former employees of Hogeg-owned filed a lawsuit against their boss. Furthermore, the plaintiffs think the $250 million funds were just for Hogeg’s personal use.

Moreover, the Times of Israel asked for a comment from Hogeg but he did not respond to the request. Hogeg, who owns 70% of Singulariteam, denied the allegations in another report as per the online newspaper.

Apart from this, Roee Brocial and Eran Okashi brought the $1.6 million lawsuit against Hogeg and other names. These include Adi Sheleg, Ido Sadeh Man, Yaron Shalem, Shmuel Asher Grizim, Avishai Ziv, Singulariteam Holding II, and Singulariteam Ltd.

Meanwhile, the plaintiffs, which are Hogeg’s former employees were apparently on unpaid leave. The plaintiffs claimed to be fooled into investing and even encouraged friends and family to do the same. Thus, they suffered on financial losses and psychological trauma because of the alleged scam.

Of note, Hogeg who also the owns Beitar Jerusalem football club has been hit by a number of lawsuits so far. Lawsuits including over $5.9 million in allegedly unpaid factory bills for the Sirin blockchain phone.

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Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.