![]() ![]() The industry is estimated to have stolen billions of dollars from victims worldwide over a period of 10 years. They would dupe victims worldwide into believing that they were successfully investing and earning money, encouraging them to deposit more and more into their accounts, until the company eventually cut off contact with the investor and disappeared with all or almost all of their money. ![]() In the case of the Israeli binary options industry, however, companies offering these contracts were largely fraudulent. If the holders of the options guess correctly about the direction that the price has moved at the time of expiry, they earn a predetermined amount of money, and, if not, they lose the money “invested” in a particular trade. Israel outlawed the binary options industry in October 2017, in part as a result of enormous pressure experienced by representatives of the Israel Securities Authority at meetings of the International Organization of Securities Commissions (IOSCO).Ī binary option is an option contract whose payoff depends on the price of another asset, like gold, wheat, or Apple stocks. He added that AnyOption has received all the tokens in Stox to which it was entitled. A spokesman for Hogeg confirmed to The Times of Israel that such a lawsuit had been filed. In October, Tel Aviv University announced that it had accepted a $1.9 million donation from Hogeg to establish the “Hogeg Institute for Blockchain Applications” at the university’s Coller School of Management.Īccording to Hebrew media reports, Singulariteam has claimed in response to the allegations that it sued AnyOption and its shareholders in Cypriot court on May 14 for fraud and breach of contract. In August, he bought Beitar Jerusalem, one of Israel’s top soccer teams, for $7.2 million. On June 20, 2018, it was reported that he had purchased $19 million of land in the wealthy Tel Aviv suburb of Kfar Shmaryahu from businessman Ilan Ben-Dov, paying for part of it in Bitcoin. ![]() ![]() Hogeg, one of Israel’s highest-profile cryptocurrency entrepreneurs, has in recent months gone on a multimillion-dollar spending spree. The 17 petitioners claimed that despite the fact that the company, better known as, has carried out two successful ICOs (Initial Coin Offerings), each of which netted tens of millions of dollars, Hogeg has not shared the revenues from these public offerings with the petitioners, as they claim he was contractually obliged to do, but instead has unlawfully taken money for his own use. The former AnyOption shareholders claim that they were also shareholders in IDC Investdotcom Holdings, but allege that one of the company’s directors, Moshe Hogeg, has systematically robbed the company of its assets and profits in such a way that the firm, which should have been highly profitable, has become insolvent and cannot cover its basic operating costs.Ī spokesman said Hogeg is countersuing AnyOption in a Cypriot court. It asked the court to wind up IDC Investdotcom Holdings Limited, a Cypriot company that the petitioners allege was run from Israel. The November 15 petition was brought by 17 former shareholders of the now-defunct Israeli binary options company AnyOption. On November 23, a Tel Aviv judge appointed a temporary liquidator for the company IDC Investdotcom Holdings, better known as, after it failed to mount a defense in court against a November 15 petition to wind it up. The petition to liquidate the firm, which is run by the owner of Jerusalem’s Beitar soccer team, reveals the close ties between Israel’s recently outlawed binary options industry and the country’s newly thriving cryptocurrency scene. ![]()
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