New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?
New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?

Ethereum News - Sirin Labs CEO Moshe Hogeg Struggles with Lawsuits from China for Misappropriation of ICO Funds

  • Yuri Molchan
    📰 News

    🔥💣Moshe Hogeg, best known for running crypto smartphone firm Sirin Labs, has now become famous for his troubles with the law in Israel😰

Sirin Labs CEO Moshe Hogeg Struggles with Lawsuits from China for Misappropriation of ICO Funds
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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.

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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.

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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.

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Ethereum News - Ripple’s Market Cap Further Slips Behind Ethereum as XRP Price Prediction Stalls

  • Jack Thomas
    🤷 Opinions

    📊👀Ripple’s Market cap, through its XRP token, was ahead of Ethereum at a few stages, but its price prediction has slowed and come under pressure from resistance below the $0.33 mark, and in doing so, Ethereum has pushed higher into second place

Ripple’s Market Cap Further Slips Behind Ethereum as XRP Price Prediction Stalls
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Ripple, and its native token XRP, have been stuck in a bit of a price vacuum over the past few weeks and months as many other coins have managed to break such marks. Sitting between $0.30 and $0.33, XRP has actually started to even lose ground on Ethereum in terms of market cap.

The third-ranked coin by market cap has in the past managed to over take the smart contracted-based blockchain as it surged in interest and growth in the recent past, but now it has fallen back by nearly $2 billion.

In terms of price prediction, XRP has a lot of hope and positivity surrounding Ripple’s efforts to make it a staple of banks going into the digital age, but it has stalled in its own growth recently, which is surprising seeing as other altcoins have doubled in 2019 alone.

XRP’s sticky situation

There was a small drop in the market last week which was halted when Bitcoin managed to keep above $4,000, but XRP also tested an important resistance. After testing the $0.3000 support, XRP’s price started a short term rebound against the dollar.

The price traded above the $0.3050 and $0.3080 resistance levels. The price even traded above the $0.3100 level, but it faced a strong resistance near the $0.3120 level. Besides, the price even failed to test the $0.3120 level and the 100 hourly simple moving average. A high was formed at $0.3113, and later the price started a downside move.

XRP is especially low currently, testing its floor rather than the ceiling, which has been seen closer to the $0.33 mark, but what is not helping the coin get past any of these resistance marks is its drop in market cap.

Ethereum taking the initiative

It is difficult to tell if Ethereum is making ground on XRP’s market cap based on its own growth – which has not been astronomical in terms percentage gains in the last few weeks – or if it has to do with XRP losing its own worth and value in the eyes of the market.

Ethereum is facing some major changes in the near future, and it could be that early investors are starting to look for a cheap deal as they prepare for the Casper upgrade and the change to Proof of Stake. Ethereum is bound to make big ground when that happens.

Ripple may not admit it, but having XRP as the second ranked coin above Ethereum would be a big deal for them as it adds a lot of legitimacy in the general market and helps in boosting their own worth and value as a company looking for more partnerships.

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