{"id":43526,"date":"2021-06-01T10:58:45","date_gmt":"2021-06-01T07:58:45","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=43526"},"modified":"2025-08-31T12:49:03","modified_gmt":"2025-08-31T09:49:03","slug":"media-three-of-israels-largest-icos-accused-of-fraud","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/media-three-of-israels-largest-icos-accused-of-fraud\/","title":{"rendered":"Media: Three of Israel’s largest ICOs accused of fraud"},"content":{"rendered":"

Former employees of the venture fund Singulariteam have filed a suit against ICO startups Sirin Labs, Stx Technologies Limited (Stox) and Leadcoin. All projects belong to the fund’s founder Mosh\u00e9 Hogeg, reports The Times of Israel<\/a>.<\/p>\n

Plaintiffs Roee Brocial [Roee Brocial] and Eran Okashi allege that during ICO<\/a>ICO the projects raised a total of $250 million. However, the companies were not engaged in product development.<\/p>\n

According to the complaint, the Israeli entrepreneur allegedly siphoned off the raised funds and used them for personal purposes. For example, he invested more than \u20ac17.63 million received from Stox investors into the Telegram Messenger ICO.<\/p>\n

\n

\u201cShortly after the funds were raised, and sometimes during the process, the defendants drained the companies and left them with no meaningful activity, resulting in huge losses for investors,\u201d the document states.<\/p>\n<\/blockquote>\n

The plaintiffs seek $16.1 million from Hogeg as well as the shareholders and top managers of Singulariteam. They say they believed that Sirin Labs, Stox and Leadcoin complied with the law, and therefore invested their own money in the projects and persuaded family members and friends to invest.<\/p>\n

According to the report, Hogeg owns 70% of the venture fund’s shares. Adi Sheleg holds 22.5%, Ido Sadeh 5%, Yaron Shalem 2.5%.<\/p>\n

Among the defendants are Leadcoin CEO Samuel Grizim and Singulariteam CEO Avishai Ziv.<\/p>\n

Brocial is an employee of Sirin Labs. The suit alleges he effectively acted as Hogeg’s personal assistant. Okashi works as an accountant in the Singulariteam subsidiaries. Both are currently on unpaid leave.<\/p>\n

The founder of Singulariteam denies the allegations. In an interview with Walla, he described the lawsuit as \u201can attempt at extortion.\u201d<\/p>\n

Hogeg had previously faced lawsuits from disgruntled investors. In most cases, settlements were reached, and plaintiffs signed non-disclosure agreements.<\/p>\n

In January 2019, the entrepreneur was accused of misusing more than $4.6 million raised during the Stox blockchain platform\u2019s ICO.<\/p>\n

In April of the same year, Sirin Labs laid off staff. A year earlier, the company abandoned hardware development in favour of software.<\/p>\n

In May 2021, in London began an arbitration process for investors’ claims<\/a> against companies linked to the Telegram Open Network blockchain platform.<\/p>\n

Follow ForkLog news on VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

Former employees of the Singulariteam venture fund filed a suit against ICO startups Sirin Labs, Stx Technologies Limited and Leadcoin. All projects belong to the fund’s founder Mosh\u00e9 Hogeg.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[734,2193,2191,2192],"class_list":["post-43526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-israel","tag-moshe-hogeg","tag-sirin-labs","tag-stox"],"aioseo_notices":[],"amp_enabled":true,"views":"34","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43526","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=43526"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43526\/revisions"}],"predecessor-version":[{"id":43527,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43526\/revisions\/43527"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=43526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=43526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=43526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}