Moshe Hogeg charged with defrauding investors of $290 million

Hogeg, the founder of the cryptocurrency investment firm Singulariteam, has been charged with fraud, theft, money laundering, forgery, and tax crimes. His partners, Nir Bitton and Matan Peled, have also been charged with fraud and money laundering.

The charges stem from an investigation into a cryptocurrency project called DeFi100. DeFi100 promised investors high returns, but it is alleged that the project was a Ponzi scheme. Investors were allegedly promised returns that were too good to be true, and the money they invested was used to pay off earlier investors rather than to invest in the project.

A major setback for the Israeli cryptocurrency industry

Hogeg has denied the charges, and he has said that he is innocent. He has said that he will fight the charges and clear his name.

The charges against Hogeg and his partners are a major setback for the Israeli cryptocurrency industry. Israel has been seen as a hub for cryptocurrency innovation, but the charges could damage the reputation of the industry and make it more difficult to attract investors.

The charges also raise questions about the regulation of cryptocurrencies. DeFi100 was not registered with any financial regulator, and it is alleged that the project’s creators used sophisticated techniques to hide their activities from regulators. This raises concerns about the ability of regulators to protect investors in the cryptocurrency space.

The charges against Hogeg and his partners are a reminder of the risks associated with investing in cryptocurrencies. Investors should be careful about investing in any cryptocurrency project, and they should do their due diligence before investing.


Author: Victor

Public Health Scientist. Poet. Writer.