A person in Israel allegedly scammed $290 million worth of crypto.
Israeli national police claimed that a former football team owner was involved in crypto scams. The investigation is ongoing against the person.
Former owner of football team in Israel allegedly involved in crypto fraud
Israeli national police allege that former football team owner Moshe Hogeg and his associates defrauded investors of $290 million with cryptocurrency scams. According to Bloomberg News, Israeli police issued a statement that Hogeg should be charged with fraud, theft, money laundering, forgery and tax crimes.
Hogeg and some of his unidentified associates are accused of using the millions of dollars they raised in 2017 and 2018 for four different crypto ventures. Police said they interviewed 180 witnesses and collected 900 pieces of evidence.
These allegations are that Hogeg diverted funds collected from investors to different crypto projects and scammed using investors’ money. The recommendations of the Israeli police will be presented to Israeli prosecutors, who will decide whether the charges will continue.
Hogeg was a name operating in the cryptocurrency space in previous years and was involved in many projects. It is also stated that he is linked to celebrities such as Leonardo DiCaprio and Carlos Slim.
Such accusations and investigations once again highlight the importance of regulation and investor protection in the cryptocurrency industry.
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