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Build new markets, make predictions, trade with peers and make profit on one decentralised platform. Established in 2017, Israel. CEO/founders - Yossi Peretz.

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Floyd Mayweather-Backed ICO Stox Sued For Misappropriating $30 Million

A Chinese investor has sued Stox.com and its owner Moshe Hogeg, for allegedly misappropriating funds raised during an ICO. Boxer Floyd Mayweather famously backed the Stox ICO, and has subsequently been in trouble with the SEC for other crypto-endorsements. Stox Of Ethereum According to the NIS 17 million ($4.6m) lawsuit, the investor sunk $3.8m worth of Ethereum into the ICO. This was based on promises made in the white-paper, which claimed that the company would invest $30m of funds raised into developing its prediction market platform. The Mayweather-endorsed ICO, held in August 2017, raised $34m, but the lawsuit claims that only $5m of this was invested into the company. Hogeg invested the rest, it claims, in other ICOs such as that of Telegram. In addition, the investor accuses Hogeg of selling his own Stox tokens 00 before he promised, thus devaluing all tokens. Spending Spree One of Israel’s highest-profile crypto-entrepreneurs, Hogeg also faces charges of misappropriating funds in another company he controls. He denies both the charges, which follow a mightily impressive spending spree last year. In June 2018 he reportedly bought $19m worth of land in a wealthy suburb of Tel Aviv. Two months later, he splashed out $7.2m on Beitar Jerusalem, one of Israel’s top football clubs. Not content with this (and perhaps seeking some lasting recognition of his ‘greatness’), he donated $1.9m to Tel Aviv University. Well, he donated it to establish the ‘Hogeg Institute for Blockchain Applications.’ (May)Weather The Storm The Stox ICO marked Mayweather’s first foray into crypto-promotion. He later endorsed a further two ICOs, netting him $300,000. Sadly, one of these, Centra Tech, was later found by the SEC to be a scam, and the founders charged with fraud. This shone a light on Mayweather’s own involvement, and the commission charged both Mayweather and DJ Khaled for failing to disclose that their endorsements of the ICO were paid promotions. Mayweather settled the charges by agreeing to pay $300,000 in disgorgement, $300,000 in penalties, plus interest, and receiving a 3-year ban from future securities promotions. Unfortunately for Mayweather, his woes do not end there. His name also appears in a class-action lawsuit against Centra Tech, its founders, and celebrity endorsers. He must be hoping upon hope that he can remain uninvolved in this latest suit. Images courtesy of Shutterstock, Bitcoinist archives The post Floyd Mayweather-Backed ICO Stox Sued For Misappropriating $30 Million appeared first on Bitcoinist.com.
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Blockchain Startup Stox and Founder Sued for $4.6 Million Over Alleged Fraud

Blockchain Startup Stox and Founder Sued for $4.6 Million Over Alleged Fraud A Chinese investor has sued a prominent Israeli crypto entrepreneur and his blockchain firm Stox (STX) over alleged fraud, English-language newspaper The Times of Israel reports Jan. 25. The investor, Zhewen Hu, is suing Stox and its founder for $4.6 million, according to […] Cet article Blockchain Startup Stox and Founder Sued for $4.6 Million Over Alleged Fraud est apparu en premier sur Bitcoin Central.
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Blockchain Predictions Market Stox and Founder Sued for $4.6 Million

Blockchain Predictions Market Stox and Founder Sued for $4.6 Million Israel-based blockchain prediction market platform Stox and its founder Moshe Hogeg are reportedly being sued by a Chinese investor for over $4.6 million over alleged fraud. As reported in The Times of Israel on Friday, investor Zhewen Hu claims in a lawsuit, filed in the Tel Aviv District Court… The post Blockchain Predictions Market Stox and Founder Sued for $4.6 Million appeared first on Altcoin Today.
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Stox Founder Moshe Hogeg Faces $5 Million Lawsuit Following Claims of ICO Being a Ponzi Scheme

Stox is a company that was launched by Moshe Hogeg in 2013 as a subsidiary of Invest.com, another business of Hogeg’s. Despite already being life, Hogeg chose to wait until last year to officially launch an initial coin offering (ICO), which many people may remember for its promotion by boxer Floyd Mayweather. As a result of the ICO, the company managed to bring in over $30 million in funding. However, with this substantial funding, many people have been perpetuating a realistic rumor that Stox is simply an exit scam and nothing more. Details of these allegations originally were found within Reddit before it was eventually picked up by major news outlets. Part of the “proof” provided was a list of wallet addresses that showed irregularities in the transactions. When this rumor first started circulating, Stox had released a statement, saying, “This anonymous source re-published a message that was published and already answered more than a year ago (26.9.2017). This source copied the message and shouted “Exit scam” without having any cause whatsoever… the created tokens were actually tokens purchased by private investors before the public sale. Money taken was converted to Ethereum. This was purchased by Hogeg. Hogeg used this money to purchase additional STX following the company’s public sale. A second rumor sprung up as well, saying that the company had let go of the staff at the platform and that their office had been closed as well. Stox responded again, crediting the loss of staff was due to a falling out with a partnership deal that involved themselves and Chromologic. Then, they were gone, off on their way to “operation in Europe.” At this point, there is no evidence to say if the project is actually an exit scam, but it was originally meant as a platform that predicts the outcome of the market to help users earn more money. The website itself offers the prediction of Bitcoin prices as an example, which does not exactly sound like binary options. Perhaps that is the reason that a Chinese investor is suing him. Zhewen Hu, the investor, has accused Hogeg of running a Ponzi scheme, which he chose to invest in before this information became known. In an Israeli court, Hu is demanding NIS 17 million ($4.63 million) in compensation, but Hogeg responded to the lawsuit by saying that he will “not give in to despicable extortion attempts.” He stood his ground, adding, “I am the force behind the company and will have the final say.” In the lawsuit, Hu also accuses of Hogeg and other players in the Stox platform of keeping the money and departing from their work on the brand. Even with a whitepaper and business plan in place, Hu defends his own stance, saying that those things were just efforts to convince consumers to invest. Even though there is no evidence yet of an exit scam, there’s some merit to the claims that Hu stated. A local outlet revealed that the company was planned to be launched in conjunction with Invest.com, according to the initial whitepaper. At the time, Hogeg said that the website was home to three million users, exceeding $50 million in revenue in 2016, all of which would be issued a crypto wallet to use with Stox. None of these plans ever came to fruition. In fact, right now, Invest.com is just a landing page, and the Android Google Play store shows less than 1,000 downloads. Right now, there are advertisements for sports betting, but there is no certainty of if this function is even active.
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Top Crypto Entrepreneur In Israel, Moshe Hogeg, Allegedly Embezzled ICO Funds

Moshe Hogeg, A Leading Israeli Crypto Entrepreneur, Allegedly Embezzled ICO Funds Israel is home to Moshe Hogeg, which is one of the most successful and prominent entrepreneurs in the cryptocurrency industry. However, he seems to have gotten in hot water recently with one of his companies recently, since he’s the subject of an embezzlement case that accused him of stealing funds from two Initial Coin Offerings. The 17 shareholders of IDC Investdotcom Holdings, better known as Invest.com, were the petitioners in this case, requesting to liquidate their business. A Tel Aviv court appointed a liquidator for now. This same group of shareholders formerly held stocks for AnyOption, a former binary options firm. The case discusses how the two industries cases are closely related, though the binary options industry is no longer valid in Israel. According to the petition filed, Invest.com and AnyOption were merged in June 2017 after Israel’s government banned the binary options sector. The agreement was amended in February, giving $3.5 million and shares of Stox to the former shareholders of AnyOption. Stox is a cryptocurrency form. One of the listed ICOs was performed in August 2017 for Stox’s fundraising project, bringing in $34 million worth of ETH at the time. However, the market went up, and this valuation rose to $60 million. To help fund a project named Zodiac, which was a part of Stox, the company held another ICO in February this year. At the time, the project raised $33 million, which is included in the petition well. The complaint says that the amount contributed never went to the progress of Invest.com. Instead, the shareholders believe that Hogeg embezzled the funds, making Invest.com insolvent. However, Invest.com has denied this allegation.
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Tel Aviv-Based Ethereum-Built Stox Refutes Accusations Of STX Crypto Token Exit Scam

Stox, was recently in the news because of allegations of an exit scam carried out by SIRIN Labs’ founder Moshe Hogeg. The company has actively refuted this accusation, claiming that it’s work of disgruntled elements looking to spread some fear, uncertainty and doubt. The claims of an exit scam were initially published in a Reddit thread and spread to Telegram channels, then picked up by major outlets, including IOTA’s founder, Dominik Schiener’s tweet about how he’s always thought that SIRIN’s founder, Moshe Hogeg was a shady person and scammer. According to the tweet, Dominik says, I always suspected @moshehogeg from @SIRINLABS to be a shameless scammer. Now we finally have proof: https://t.co/JWJRqISry8. Wonder how much money he stole from Sirin and other projects he was involved in. He and his companies give the entire ecosystem a bad reputation. — Dominik Schiener (@DomSchiener) November 11, 2018 While many might have taken this as a comment from an expert in the industry, it is important to note that SIRIN Labs had a previous arrangement to use IOTA’s blockchain for its soon to be released phone, but pulled out of the arrangement and chose the ethereum blockchain. How The Accusations Started The text used as “evidence” on the Reddit thread had a list of wallet addresses that indicated purported irregularities in the transfer of STX tokens. These tokens which were vested were seemingly withdrawn from the receiving wallets that they were initially in through the use of the revoke function and transferred to a “strategic partnership address”, after which it was then traded on an exchange. The subtext being that Hogeg sold these tokens –more specifically, his tokens. In response to this, Stox released a statement saying, “This anonymous source re-published a message that was published and already answered more than a year ago (26.9.2017). This source copied the message and shouted “Exit scam” without having any cause whatsoever… the created tokens were actually tokens purchased by private investors before the public sale. Money taken was converted to Ethereum. This was purchased by Hogeg. Hogeg used this money to purchase additional STX following the company’s public sale.” The company continued, “Additional Stox tokens were purchased by Moshe as he is a huge fan of Stox who strongly believes in what we are doing as he has said many times. There has been no unethical behavior, nor any dumping of Stox token.” An independent investigation of the aforementioned statements actually confirmed this statement to be true. And in response to the latest allegations the company stated, “These are private transactions conducted by Moshe Hogeg on the secondary markets. These transactions are not related to his involvement in the company at all and were concluded independently.” As for the issue of revoked tokens, Stox clearly stated that admins were the only ones who could do that and only used in certain instances: “[it]…was used right after the ICO in order to fix vested amounts in invest.com’s and Stox’s team wallets. The revoked tokens were transferred back to the vesting contract, and then reallocated according to both the terms mentioned in the white paper, and also in accordance with agreements with our strategic partners and advisers… From time to time the revoke function is used to adjust vesting terms according to new or ended partnerships. For example, when an employee leaves our employ, Stox revokes his vested tokens and return them to the vesting contract.” The Second Rumor Sparking FUD That same text shared on reddit stated that the company’s CEO, Yossi Peretz has moved on from the company, partners like Commologic and Amazix have pulled out of earlier arrangements and partnerships, and that the company has let go of all staff, closing their office in the process. It’s true that the first and second rumors are true as seen in Peretz’s post on Medium, “My Journey with Commologic & Stox has been one of the best working experiences. As the CEO of Commologic … we have assisted building the Stox platform…Due to the decision of STX Technologies to terminate the service contract with Commologic, Commologic will no longer continue its business activities and I have decided that it is now time for me to pursue a new venture and take my career in a different direction.” Shortly after Peretz’s statement, the company released a statement saying that it will now be managed by Gibraltar based STX Technologies Ltd. The company also confirmed that it had ended the partnership between it and Amazix: “Stox terminated the contract with AmaZix in October because the parties could not reach agreement on the commercial terms. Stox is currently in talks with AmaZix with the aim of re-establishing the relationship and renewing the contract.” The third claim of the company downsizing is because of the conclusion of the partnership deal between it and Chromologic. Their statement reads: “In this regard we have moved development an operation to Europe…We say goodbye to the Israeli team that has been with us from the start, as part of the company’s decision to move finally towards a more decentralized platform.”
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Cryptocurrency Prediction Marketplace Stox Debunks Exit Scam Rumors

Stox (STX ),  a distributed ledger technology (DLT ) based prediction platform that allows users to predict the outcome of events in various ecosystems including the cryptocurrency markets, sports, tech, and others, has responded to rumors making the rounds that its orchestrating an exit scam, according to a Finance Magnates report  on November 12, 2018.     Stox (STX) Not Running...Read More. The post by Ogwu Osaemezu Emmanuel appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News
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XRP, BAT and Dash are The Favorite Cryptos Among Uphold Users

A recent report published by Uphold revealed that the most popular tokens among its users are XRP, BAT, and DASH. The investment in these cryptocurrencies has increased considerably during the period from January 2018 to January 2019. According to information from AMB Crypto, Uphold reported that despite the sharp drop in the prices of cryptocurrencies, its user base reached record stats: Not only did they increase their userbase to more than 1 million registered users, but the number of funded wallets and transactions also grew by more than 2X compared to last year. The Uphold team revealed that altcoins played a special role in the growth of its platform. Dash had the highest increase, followed by Basic Attention Token and Ethereum. However other tokens such as BTC, LTC, and BTG also reported significant growth despite the negative performance of the markets: Holdings of all currencies increased materially over the period, but DASH and BAT were the 2018 standouts (up 281% and 183% respectively). Uphold also saw good growth in holdings of ETH (up 70%), BTG (up 54%), BTC (up 41%) and LTC (up 24%) Uphold Explains The Reasons Behind The Popularity of Every Token According to the firm’s analysis. The growth rate of BTC, LTC, and ETH was lower than last year. Apparently, the public lost interest in these cryptocurrencies to focus on other more attractive alts such as XRP, which grew from 0 to 39% from March 2018 to January 2019. Uphold Interface The growing interest in XRP is consistent with the intense media presence that Ripple has had in the community over the past few months. The launch of xRapid and the numerous partnerships with essential players in the world of finance increased the trading of this cryptocurrency which eventually reached number 2 in the global market cap. Something similar happened with Basic Attention Token. The cryptocurrency is strongly pushed by Brave browser. The popularity of the browser and the positive rating of several specialized sites, as well as the launch of BAT trading in Coinbase Pro, were critical for the token to become one of the favorites among Uphold users. Uphold finally attributed DASH’s growth to a successful campaign in which they made their philosophy have an important influence on the community. “DASH represents itself as digital money which can be used to make instant, private payments online or in-store using its secure, open-source platform hosted by thousands of users around the world.” The post XRP, BAT and Dash are The Favorite Cryptos Among Uphold Users appeared first on Ethereum World News.
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New Shapeshift Crypto Exchange Rebrand Plans Announced by CEO Erik Voorhees at ETHDenver

At the recently held ETHDenver, ShapeShift CEO Erik Vorhees announced that his company would be undergoing a major rebranding exercise in 2019. The first step in this will take place on Monday, February 17, 2019. During this time, the exchange will begin holding a closed beta programme where selected users will be invited to test out a new and improved version of Shapeshift. The new version, Vorhees says, will focus on improving on the user experience. These improvements will include making the user interface simpler and synchronizing the use of all the exchange’s products including its cryptocurrency pricing tracker CoinCap. This Information was made available by the CMO of ShapeShift Emily Coleman. Besides making this announcement, Vorhees also spoke at a panel focused on leadership “in times of ambiguity.” In this panel, he was joined by founder of cryptocurrency micropayments service Earn.com Lily Liu, CSO of ethereum venture capital studio ConsenSys Sam Cassatt, and co-founder of decentralized application platform Holochain Arthur Brock. Tough Calls As part of the discussion, the panelists were asked what the hardest decision was that they have had to make in the running of the business. “If you’re going to be a company in the crypto industry, you’re attached to the severe market cycles of the industry. That’s full of good and bad,” said Voorhees. Vorhees, on his part, said that the hardest decision he had had to make was the introduction of know-your-customer protocols on the exchange last year. “I felt like I had to do something morally wrong to allow the company to persist…It’s a really awful position to be in,” said Voorhees. According to Vorhees, the decision was a hard one because he was personally against the idea of asking users to give up their personal information. He eventually conceded to the decision as a form of picking and choosing his battles and considering the long-term implications. Despite the tough decision that was made, Vorhees is still confident that, in the future, people will be able to carry out transactions in a completely decentralized manner and without any censorship or interference. “Society is comfortable about this idea that people should be able to talk freely with each other … the fact that money is treated differently is a huge injustice. I hope that crypto breaks that discrepancy,” he said. Despite the CEO’s optimism, the company has faced some challenges in recent times, especially with having to lay off a third of its staff due to the crypto price slump.
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Federal Judge in Crypto Proceeding Re-examines Blockvest (BLV Token) Case

In November of 2018, a California federal judge refused to approve a preliminary injunction as was requested at the time because there were a few inquiries and it was yet to be determined if, based on the Howey Test, the token in the case was a security. However, the same judge seemed to have re-assessed the situation and has made the decision to grant a motion the SEC’s requested, for Partial Reconsideration. Details of the Case The SEC, at the time, had charged a few offenders on account of transacting business involving sales of securities that were unapproved and not registered. The tokens, called BLV tokens, were defended by their stakeholders with the claim that they had been pre-approved by the CFTC, the National Futures Association and even the SEC. The accused also claimed on their website, that they had received approval from an agency called the “BEC”, although that seemed to have been fabricated. The Re-Assessment Generally, it almost never happens that during a prosecution, a federal judge will have a change of mind. This only happens when a motion for re-examination has been put forward. However, when a case has new evidence or laws have been changed or wrongly applied, a judge could consider a change of mind. The judge has now decided that the information on the accused’s website contained offers for transacting in unapproved tokens and this still holds water whether or not a transaction was completed. The Howey test is a divided into three parts and all three were violated. The accused expressed their opinion that an injunction is too much of a response from the courts especially because some progress had been made regarding admittance of guilt, an addition of a proper counsel to the team and the decision for these people not to do an ICO. However, the court did not agree especially because of the made up agency – BEC – and many other different falsities. The court also considered the possibility that the accused might not discontinue all the wrongdoings. Reactions to the case and the court rulings have been polar with some proclaiming it as appropriate while other have expressed that it might be an overreaction.
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Top 5 Crypto Performers Overview: Dash, Neo, Binance Coin, EOS, Ethereum

Top 5 Crypto Performers Overview: Dash, Neo, Binance Coin, EOS, Ethereum Argentina has recently settled an export deal with Paraguay in Bitcoin. Although the net value of the deal was only $7,100, it is a welcome step. Gradually, more countries will recognize the advantage of using cryptocurrencies for cross-border deals. Digital asset management fund Grayscale […] Cet article Top 5 Crypto Performers Overview: Dash, Neo, Binance Coin, EOS, Ethereum est apparu en premier sur Bitcoin Central.
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