November 29, 2019 Federal lawsuit alleges Stox executives used funds from ICO to purchase soccer team.

A federal lawsuit filed in Seattle, WA named Stox Technologies and Sirin Labs CEO Moshe Hogeg as defendants, claiming they defrauded investors in multiple ICOs. The plaintiff claims the company caused an unpredictable loss of value by minting numerous new tokens and improperly used funds gained from the project’s ICO to purchase Beitar Jerusalem, one of Israel’s best soccer teams. The lawsuit further alleges Hogeg donated $1.9M to Tel Aviv University to launch the Hogeg Blockchain Research Institute.