In January, when Hogeg was raising money for another venture of his – the Stox market platform in Israel – he reportedly misappropriated several million dollars from Chinese investor Zhewen Hu.
Taking money from an ICO to fund Sirin Labs
After promoting the Stox startup, which he co-founded with the boxer Floyd Mayweather (getting fined by the SEC after that), the accusation was that Hogeg took several millions from the $35 mln he received to support some of his other business projects, which included the Sirin Labs company and a few others.
Besides, the lawsuit says that Hogeg got people to invest in the Stox ICO, attracting them by partnering with his own company, Invest.com. Investors, of course, were left unaware of the connection, and thus interest in the Stox ICO was encouraged.
An independent investigation
Apart from the ICOs for Stox and Sirin Labs, blockchain analytical firm Alethio, which works with software studio ConsenSys, reports that all three ICOs had the same major holder and one wallet, transactions from which all the three wallets are traced to Sirin Labs, Stox and LeadCoin.
Three ICOs, three wallets plus one other to link them. The investigation shows that at certain points of time funds from all these three wallets were exchanged between one another, allegedly, in order to create an impression of large investor activity.
All the transactions are available on a public blockchain. The spokesperson of Hogeg refused to comment on this information, though.
To sum up
So far, no other data can confirm any connection between the owners of the wallets used in the three ICOs.
Still, the fact of Moshe Hogeg replacing money from the Stox ICO to the wallets of his other projects seems to be proven. Upon the court’s decision, Hogeg must settle the situation with the person who filed this lawsuit by March 15.