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Israeli Entrepreneur Moshe Hogeg Faces Accusations Over Crypto Scams

Israeli entrepreneur Moshe Hogeg faces serious allegations, including a $290 million crypto scam, following an extensive two-year police investigation.

Fri, 25 Aug 2023, 08:32 am UTC

Reports emerging from Israel have put entrepreneur Moshe Hogeg under the spotlight, suggesting his alleged involvement in defrauding numerous users. The case involves $290 million, all linked to cryptocurrency projects.

On August 23, The Times of Israel unveiled findings suggesting that the nation's police have pitched the idea of pressing multiple charges against Hogeg to prosecutors. These charges encompass fraud, theft, money laundering, and even sex crimes. With claims that Hogeg lured investors with deceptive promises, the accusations have painted him in a rather unflattering light, especially given the significant amount of funds allegedly involved.

This is not Hogeg's first run-in with the law. In November 2021, he found himself in hot water, detained for suspicions related to unlawful dealings, specifically in the cryptocurrency sector. This stint saw him confined to his home for about a month.

The recent allegations stem from a meticulous two-year probe into Hogeg's supposed unlawful conduct, with a significant portion tied to cryptocurrency initiatives. Notably, in June, Hogeg journeyed to Morocco, revealing his participation in Tomi – a blockchain initiative touting the idea of an "alternative internet network." He speculated that his prominent role in the crypto industry might have painted a target on his back.

The comprehensive police probe saw interviews with a staggering 180 individuals and led to the confiscation of assets and funds across various countries. In response, Hogeg's representative expressed relief at the investigation's conclusion and countered media portrayals, claiming they've grossly misrepresented him. Unwaveringly, Hogeg refutes every single claim laid against him.

Interestingly, Hogeg's spending habits have also been scrutinized. Of particular interest is his $7 million expenditure to acquire the Beitar Jerusalem Football Club. However, in a twist, he transferred ownership of the team to businessman Barak Abramov in August 2022.

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