Black_background_logo_BitcoinWorld-removebg-preview
Moshe Hogeg (Courtesy: Twitter)
Latest News

Sirin Labs Founder Sued Over Unpaid $20M Factory Bill For Finney Blockchain Phone

Moshe Hogeg

Moshe Hogeg, the chief executive of the blockchain smartphone startup Sirin Labs, has been sued by Hong Kong-based mobile phone manufacturer Foxconn International Holding (FIH) for unpaid bills used to manufacture the Finney blockchain phones, according to Israel-based technology news site CTech.

FIH is asking for more than $20 million in compensation from Hogeg and his associated Tzvika Landau and Guy Elhanini, after saying it received only one payment in November 2018.

Sirin Labs co-CEO Landau told CTech, dismissed the suit as a stunt to create “media pressure.”

Hogeg’s Sirin Labs raised $157 million in an initial coin offering (ICO) in early 2018 to build an Android smartphone with special cryptocurrency features including an app store for distributed apps (dapps).

Sales of this blockchain smartphone, however, were disappointing after a number of competing blockchain- and crypto- focused phones hit the market. As a result, Sirin Labs laid off 15 of its 60 employees in 2019.

Hogeg, a well-known – and controversial – international crypto mogul, has been sued multiple times both in Israel and abroad. As reported by CoinDesk, he and his other blockchain firm, Stox, were reportedly being sued for allegedly misappropriating some of the crypto millions invested in the firm.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.