Israeli entrepreneur Moshe Hogeg has reportedly been accused by Israeli police of defrauding users of approximately $290 million through cryptocurrency-related scams. The police have recommended charging Hogeg with fraud, theft, money laundering, and sex crimes. They allege that he raised $290 million from Investors using false information for a cryptocurrency project. Hogeg was previously detained by Israeli authorities in November 2021 on suspicion of engaging in illegal activities related to cryptocurrency fraud and was under house arrest for about a month.
The accusations come after a two-year investigation into Hogeg's alleged illegal activities, some of which were connected to cryptocurrency projects. In June, Hogeg announced his involvement in Tomi, a blockchain project focused on an "alternative internet net work," during a trip to Morocco. Hogeg has stated that he may have been targeted by authorities due to his presence in the cryptocurrency space. The investigation involved questioning 180 individuals and the seizure of assets and funds in multiple countries.
Hogeg's alleged misuse of funds includes acquisitions such as his $7 million purchase of ownership in the Beitar Football Club in Jerusalem. He later sold the team to businessman Barak Abramoff in August 2022. Hogeg's spokesperson reportedly welcomed the Findings of the investigation and criticized the media coverage of the case, asserting Hogeg's denial of all allegations.
