In a development further highlighting 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 embezzling millions of dollars from Israeli and foreign investors raised between 2017 and 2018 for four cryptocurrency startups. The money was allegedly embezzled for personal use, rather than being used for its intended purposes. The two-year investigation involved questioning 180 witnesses, collecting 900 pieces of evidence and making significant seizures of money and property.
The list of charges against Hogeg includes fraud, theft, money laundering, forgery and tax offences. Police have forwarded their recommendation to Israeli prosecutors, who will ultimately decide whether to prosecute the charges. Hogeg, who was arrested in 2021 and later released under house arrest, has not yet responded to these allegations through his lawyer.
To manhandle
However, this case against Hogeg is not an isolated incident, but part of a broader, stronger crackdown on illegal cryptocurrency activity worldwide. For example, the Federal Bureau of Investigation (FBI) has significantly stepped up efforts to crack down on the misuse of cryptocurrencies. A recent FBI forfeiture notice detailed numerous seizures, totaling 195 cases of major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) from various states and jurisdictions.
Recent legal developments indicate an intensification of enforcement policies within the crypto industry. This aggressive wave of crypto fraud enforcement action has led to arrests or charges against former industry giants like Sam Bankman-Fried, Alex Mashinsky, Do Kwon, and more. In addition, the Department of Justice (DOJ) is reportedly considering charges against Binance and its CEO, Changpeng Zhao.
The post Israel Police Recommends Charges Against Businessman Moshe Hogeg as Global Crackdown on Crypto Scams Rags appeared first on CryptoSlate.
