Israeli Police recommend charges against businessman Moshe Hogeg as global crackdown on crypto scams rages on

In a development that further underscores the escalating global crackdown on crypto scams, Israeli police have accused technology entrepreneur Moshe Hogeg of defrauding investors out of $290 million in a series of cryptocurrency scams, according to Bloomberg.

Hogeg, the founder and co-CEO of Sirin Labs AG, and several unnamed associates are suspected of misappropriating millions of dollars from Israeli and foreign investors raised between 2017 and 2018 for four cryptocurrency startups. The funds, instead of being utilized for the intended purposes, were allegedly misappropriated for personal use. The two-year investigation involved questioning 180 witnesses, gathering 900 pieces of evidence, and making significant funds and asset seizures.