Sirin Labs ordered to pay disgruntled STX investor $4.3 million

15 Mar, 2019
by Richard Allen
News
Sirin Labs ordered to pay disgruntled STX investor $4.3 million

Sirin Labs CEO Moshe Hogeg has been ordered to settle his $4 million lawsuit with a Chinese investor within the next 30 days, local news outlet Globes reports.

The case was brought against the CEO of the crypto smartphone startup by Chinese investor Zoon Oh after the Stox ICO was famously promoted by Floyd Mayweather in 2017. The complaint, which also mentions Sirin Labs CFO Yaron Shalem and the Stox Technologies company, states that they had deliberately misled investors regarding how their money would be spent. According to the plaintiff, he was the victim of a “well-planned sting” by Hogeg and the rest of the defendants.

Read more: Sirin Labs launches the first and only blockchain smartphone store in the world

Judge Amit-Anisman made the decision that Moshe has 30 days to pay Zoon Oh $4.23 million. It's worth noting that, according to the claim, Zoon Oh invested $4.6 million into Stox’s ICO. The judge further stated that requests would not be made and recommended the parties involved come through mediator Meirav Harel, “an expert in the field of cryptographic currencies.”

The judge commented that presiding over cases involving cryptocurrencies can be tricky as they involve an entirely different set of laws and legislation which “raises questions that have not yet been answered.”

Read more:  Sirin Labs founder and CEO scammed out of a 'significant amount' of Bitcoin

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