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Israeli crypto entrepreneur Moshe Hogeg arrested for fraud

Cryptopolitan


TL;DR Breakdown: 

  • Crypto entrepreneur Moshe Hogeg has been arrested by the Israeli police alondside seven other suspects.
  • The police alleged they were involved in a cryptocurrency fraud worth millions of dollars.
  • Early this year, Hogeg was sued by the friends over a failed investment worth $5.5 million. 

Moshe Hogeg, the Chairman of the Blockchain Research Institute at Tel Aviv University and founder of blockchain startup Sirin Labs, has been reportedly detained by the Israeli police’s national crime unit over an alleged case of cryptocurrency fraud and sexual offenses, the Jerusalem Post reported Thursday. 

Moshe Hogeg now detained by Israeli Police

Hogeg and seven other suspects were detained by the police early today, including his family member, business colleagues, and employees. They were arrested on the ground of crypto-related fraud, which reportedly runs into millions of dollars. 

The police alleged that the detainees enticed people into investing in a new cryptocurrency venture by Moshe Hogeg, which was never launched. Hogeg and the other suspects presented fake reports and profits to the investors in a bid to entice them into investing in the project, per the police.

Hogeg denies all allegations

Meanwhile, the police also identified Hogeg in suspected money laundering and tax offenses on the course of their investigation, which has lasted for months. However, his attorneys Amit Hadad and Moshe Mazor stated that Hogeg denies all the suspicions levied against him. He is “fully cooperating with investigators,” they said. 

Prior to his arrest today, Hogeg was called out in May 2021 by two of his childhood friends. They claimed in a lawsuit that they invested in a failed investment of Hogeg, and so, they are owned over $5 million (18 million new Israeli shekels). Last year, Hogeg was also sued by Foxconn International Holding (FIH) for not paying a $6 million bill used in the making of Sirin Labs Finney blockchain phones.



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