Crypto Investors Burned Again by Moshe Hogeg’s Latest Venture

Accused cryptocurrency fraudster Moshe Hogeg has once again driven a project into disarray, heightening investor fears of being deceived while he awaits a significant legal verdict that might lead to his incarceration.

In 2023, Hogeg co-founded the cryptocurrency Tomi, envisioning a plan to “enhance digital freedom and create a more democratic and decentralized internet.”

Beginning at $1.15 in January, the token skyrocketed to an unprecedented high of $6.59 within six months. Nevertheless, as of now, $TOMI is valued at only $0.05, with its market capitalization plummeting from a peak of $350 million to a mere $26.8 million.

This significant decline has frustrated investors, who, at best, believe Tomi lacks adequate consumer protections, and at worst, feel like they are being scammed.

While Bitcoin and Ether see significant price increases, the $TOMI token has remained stagnant—a glaring indication of the firm’s ongoing challenges in addressing investor concerns on X (formerly Twitter).

“Your token’s performance is telling,” one user remarked to Tomi. “The more you communicate, the more it declines. It’s clear that your team is minting additional tokens and offloading them onto investors.”

Tomi’s standard reply to these grievances is also frustrating investors. “We do not tolerate FUD comments,” the Tomi team states in response to critiques, which seemingly includes feedback regarding their own price graph.

Tomi co-founder Moshe Hogeg may face a court trial shortly

Tomi appears to have fallen into the same detrimental cycle that has plagued many of Hogeg’s earlier initiatives. Previous projects like Sirin Labs, Stox, and Leadcoin have all suffered significant declines or vanished altogether.

In 2021, Israeli authorities detained Hogeg following a lawsuit from two associates, who alleged that Hogeg had encouraged them to sway friends and family into investing in the projects, only to have them experience a rug pull. Hogeg was also accused of hosting drug-fueled parties at the offices of these ventures.

Hogeg has denied all accusations and was placed under house arrest after one month in detention. The serial entrepreneur is now relatively unrestricted, although he still faces travel and financial limitations. A two-year police inquiry has led to the recommendation that prosecutors charge Hogeg with fraud, theft, money laundering, forgery, and tax violations—though the recent Hamas attack on October 7 might have postponed any legal decisions.

Protos has contacted the Israeli Department of Justice but has not received a response by the time of publication.

While authorities might have recognized Hogeg’s dubious activities, as investors wait for bureaucratic resolutions, more individuals are becoming entangled in his network.

If you have any information, feel free to drop us an email or ProtonMail. For more informed updates, follow us on X, Instagram, Bluesky, and Google News, or subscribe to our YouTube channel.