Sirin Labs CEO Moshe Hogeg Ordered to Settle $4.23 Million Lawsuit In 30 Days

Moshe Hogeg, the CEO of cryptocurrency smartphone startup Sirin Labs, has been ordered to settle his $4 million lawsuit with a Chinese investor in the next 30 days, reports local media outlet Globes on March 14, 2019.

See You in Court

Lawsuits between investors and businessmen are a very common concurrence in the crypto industry and the business world as a whole as can be seen in the case of the Winklevoss Twins and Charlie Shrem.

One of the most prominent cases in recent times is regarding Moshe Hogeg and on March 14, 2019, It was reported that a ruling had been made on the case. Moshe, who is the co-founder and chairman of venture capital investment fund Singulariteam and Stox technologies, has been ordered to settle a Chinese investor within a 30-day period.

Disgruntled Investor

The case being brought against Hogeg has to do with the initial coin offering that was famously promoted by Floyd Mayweather in 2017.

The complaint being leveled against CFO Yaron Shalem and the Stox Technologies company is that they had deliberately misrepresented to investors just how the money raised would be spent. The lawsuit in question is for $4.23 million.

Judge Amit-Anisman reportedly made his decision after three hours of discussion. During that time, he stated that requests would not be made and that the parties involved were required to come through a mediator or directly themselves. In the event of a mediator being used, Meira Harel, a blockchain and crypto expert, was recommended.

It was also reported that after a 30-day period or longer, if both request an agreement to extend the 30 days granted, both will be able to petition the court to make a decision on pending applications.

When giving his ruling, the judge pointed out that presiding over cases regarding cryptocurrency is rather tricky as they involve a whole new set of laws and regulations which “raises serious questions that have not yet been answered, neither in Israel … nor by regulators in the world.”

Taking Stock

When the Stox ICO was first launched in 2017, it enjoyed a boost thanks to the endorsement of it by world-famous boxer Floyd Mayweather. As a result of this, it was able to raise $30 million for its Bancor-based prediction platform that would allow users to make use of the wisdom of the crowd to predict the various outcomes of events in sports, politics and so on.