The Tel Aviv District Court has given Israeli crypto mogul Moshe Hogeg 30 days to settle a multi-million dollar lawsuit filed by a Chinese investor over allegedly misappropriating funds raised through the previous initial coin offering (ICO) of Stox, a company co-founded by Hogeg and endorsed by boxer Floyd Mayweather.
As detailed in a previous report published by local media outlet Globes, Tel Aviv District Court judge Michal Amit-Anisman has given a 30-day period for Hogeg to reach a legal settlement of a $4 million lawsuit lodged in January by Chinese investor Huwan Hugh, accusing the plaintiff of deliberately misrepresenting how the previously raised funds would be expended and distributed.
Alongside Hogeg and Stox Technologies, Singulariteam’s former CFO & Saga Foundation’s current CFO Yaron Shalem has also been implicated in the case.
Aside from serving as the co-founder and chairman of venture capital investment fund Singulariteam, Hogeg is also the current CEO of crypto smartphone startup Sirin Labs and the owner of the soccer club, Beitar Jerusalem.
As detailed in the report, a temporary agreement has been reached three hours into the discussion, with judge Amit-Anisman stipulating that “requests will not be made at this time,” rather “the parties will come directly or by a third party who is a mediator,” while recommending Meira Harel who is “an expert in the field of cryptographic currencies.”
According to the temporary agreement, “it was further agreed that after a period of 30 days or a longer period, insofar as the parties request an agreement to extend the 30 days granted to them, each party will be entitled to petition the court with a request to make a decision on the pending applications.”
Underscoring the difficulty of resolving cases involving digital assets amid regulatory uncertainty, judge Amit-Anisman further noted that such a case “raises serious questions that have not yet been answered, neither in Israel … nor by regulators in the world.”