A Vancouver-based trader and investor filed a lawsuit against Israeli cryptocurrency entrepreneur Moshe Hogeg and his blockchain company Stox (STX). The disgruntled investor accused the firm and its founder Hogeg;  for a break of contract and fraud that cost him losses worth at least $430,000. 

According to the filing, Higog and several other defendants in the case filing;  were responsible for defrauding global investors millions of funds. The complainant, Sean Snyder noted that the company failed to fulfill obligations under its whitepaper, which prompted him to file a complaint against them with the United States District Court for the Western District of Washington. 

The lawsuit consists of 43 pages and decries how the company failed to meet its whitepaper obligations and issued massive amounts of tokens than it had originally announced. The aftermath of which was a significant loss of the value of its digital tokens. Particularly, the defendants allegedly flooded the digital asset market with at least 16 million STX out of a total sum of 43 million STX that are in circulation. As a result,  thousands of investors across the world lost hundreds of millions of dollars. 

Hogeg founded Stox as an <a href="https://ethereum.org/">open-source Ethereum (</a>ETH) prediction market platform. Besides the company under accusation, Stox, Hogeg has also taken part in several other crypto ventures. For instance, he is also the founder of leading blockchain smartphone developer Sirin Labs. In addition to serving the blockchain network LeadCoin as chairman. 
<h2>Hogeg  used Investor Funds to Purchase a Soccer team and Real estate</h2>
In addition to the scam accusations, Snyder also accused Hogeg for misappropriating investor funds through expensive purchases. The lawsuit names the purchases as $19 million for buying land in Tel Aviv, $1.9 million donated to Tel Aviv University and $7 Million to acquire one of Israel’s leading football clubs, Beitar Jerusalem. Meanwhile, Snyder put his accusation forward without legal representation to assist him in the case.

Disgruntled Vancouver Investor Sues Israeli Blockchain Firm Stox (STX)

A Vancouver-based trader and investor filed a lawsuit against Israeli cryptocurrency entrepreneur Moshe Hogeg and his blockchain company Stox (STX).

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

Disgruntled Vancouver Investor Sues Israeli Blockchain Firm Stox (STX)

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