Israeli businessman Moshe Hogeg faces lawsuits following alleged misappropriation of ICO proceeds

Israeli blockchain entrepreneur and CEO of blockchain smartphone startup Sirin Labs Moshe Hogeg is facing a number of lawsuits, CoinDesk reports. Hogeg has been accused of fraud in a NIS 17 million (approximately $4.7 million) lawsuit by Chinese businessman Zhewen Hu. According to a local news outlet, the Tel Aviv court has given Hogeg 30 days to reach an agreement with Hu, and the time runs out on March 15. 

Moshe has been accused of misappropriating funds from the ICO of the startup he co-founded—Stox. In the Stox lawsuit, Hogeg was accused of withdrawing the proceeds from the $35 million ICO and using them to fund his other businesses—Sirin Labs, venture capital investment fund Singulariteam, and blockchain startup Orbs. The lawsuit claims he used his company to promote the Stox ICO and allegedly made it seem he was not the main person behind Stox.

According to a report by Alethio, Stox ICO, the Sirin Labs ICO and the LeadCoin ICO have the top holder in common.