Crypto Mogul Moshe Hogeg’s ICOs Have Unusual Patterns, Analysis Finds

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This follows an earlier case involving Hogeg’s company Invest.com that has since been settled.

Specifically, in the case of the ICO for the startup Stox, a company co-founded by Hogeg and endorsed by boxer Floyd Mayweather (resulting in a fine from the SEC), the lawsuit claims Hogeg inappropriately withdrew proceeds from its $35 million ICO and used the funds for other projects, including Sirin Labs, his VC firm Singulariteam and the blockchain startup Orbs.

The Stox lawsuit, which focuses on several sections of the startup’s white paper, alleges Hogeg encouraged people to invest in the Stox ICO by touting a partnership with his own firm, Invest.com, having effectively “made a contract with himself” to inflate interest in the offering. It also says Hogeg presented himself on Telegram as a mere investor rather than a leader of the project, giving the illusion of more participants.

As for the lawsuit related to Stox, Hogeg told CoinDesk: “The whole matter is completely made up” and “will be quickly resolved in court.”

The Stox lawsuit also mentions allegedly mismanaged funds going to Sirin Labs, the startup of which Hogeg is currently CEO. Sirin raised more than $157 million in a 2017 token sale and is now seeking distribution partners for its Finney smartphone. Hogeg said he is himself one of the leading investors in Sirin Labs. After leaving Stox in 2017, he took the reins of the company from Kazakhstani investor and Sirin Labs founder Kenges Rakishev.

The lawsuit claims some of the funds Hogeg allegedly mismanaged during the Stox ICO, before he joined Sirin Labs, were distributed in some fashion to the blockchain company Orbs.

Beyond the Stox ICO, Hogeg was listed that same year as an advisor to the LeadCoin ICO, launched by a startup called Webydo that Hogeg also invested in through Singulariteam. Singulariteam’s second managing partner is Rakishev.

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