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Moshe Hogeg, one of Israel's leading contractors in the field of cryptocurrency, faces charges of misappropriation of funds from two initial coin offerings, making the company for which funds were collected for insolvency.
As a result, 17 people who claim to be shareholders of IDC Investdotcom Holdings, the company badociated with Hogeg and known more commonly as Invest.com, have filed a petition to liquidate the company. According to the Times of Israel, a temporary liquidator was subsequently appointed by a court in Tel Aviv.
The 17 people are all former shareholders of AnyOption, a binary options company that has now disappeared, and the petition highlighted the close links between the burgeoning Israeli cryptocurrency sector and the private sector. binary options recently outlawed in the Middle East country.
Registered in Cyprus, operates from Israel
Although IDC Investdotcom Holdings is registered in Cyprus, the petitioners claimed that it was largely led by Israel. After tens of millions of dollars were collected during two successful ACI operations, the petitioners allege that Hogeg did not share the proceeds of the sale, but rather used the money to his own use.
This year, Hogeg made the headlines for various purchases and donations of millions of dollars, including a $ 19 million purchase of a parcel of land in Tel Aviv and the acquisition of the Israeli football club Beitar Jerusalem for $ 7.2 million. millions of dollars. Hogeg also recently donated $ 1.9 million to Tel Aviv University to build a research center named after him.
Invest.com owns the venture capital firm Singulariteam. Other companies in Singulariteam's portfolio include Sirin Labs, known for its $ 1,000 blockchain smartphone called "Finney".
Merger agreement
According to the petition, AnyOption and Invest.com merged last year in June after it appeared that the former could no longer continue in the binary options sector, as Israel planned to ban the sector. The terms of the merger agreement were however changed this year in February with AnyOption shareholders now allowed to receive $ 3.5 million from Invest.com and the shares of Stox, a cryptocurrency company launched.
One of the ICOs whose petitioners claim that he was a victim of embezzlement was held last year in August when Stox organized a collective fundraiser during which the US government announced that it had been embezzled. ETH was raised for $ 34 million. This value then reached $ 60 million. Stox also conducted another OIC in February of this year for a project called Zodiac, which reportedly earned $ 33 million according to the petition.
The petitioners now claim that this amount has never benefited Invest.com, but was misappropriated by Hogeg, which led to the current bankruptcy. Invest.com has however denied the allegations of insolvency.
Selected image of Shutterstock.
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