The successful launch of another project by alleged cryptocurrency fraudster Moshe Hogeg has raised new concerns among investors that they may have been duped.
Hogeg co-founded the #Tomi #cryptocurrency in 2023 with the goal of increasing digital freedom and building a more democratic and decentralized internet.
launched in January of that year at a price of $1.15, the #token hit a record high of $6.59 in June. However, Tomi is now trading at just $0.05, and its market value has fallen from a peak of $350 million to $26.8 million.
This drop has greatly angered investors, who at best accuse Tomi of failing to provide guarantees to customers, and at worst - believe that they are simply being cheated.
In January 2023, Tomi started at $1.15 and quickly soared to an all-time high of $BTC While #bitcoin and Ether prices rose, $TOMI remained flat. This is a serious problem that the company can't solve with X (formerly Twitter).
the price of the token speaks for itself, one TOMI user wrote. The more you talk, the lower the price drops. It's no secret that your team is mining more and more tokens and distributing them to investors.
Tomi's canned answers to these questions also annoyed investors. Tomi's team responded to the negativity by stating, We don't appreciate FUD's comments.
It seems that Tomi is falling into the same pattern as many of Hogeg's projects. Previous ventures - Sirin Labs, Stox and Leadcoin - have plummeted in value or disappeared altogether.
In 2021, Israeli police arrested Hogeg after a lawsuit by two colleagues who claimed that Hogeg had convinced friends and family members to invest in these projects and that they had been duped. Hogeg was also accused of throwing drug-fueled sex parties at the offices of these projects. Hogeg denied all charges and was released under house arrest after a month in custody.
Protos contacted the Israeli Ministry of Justice, but had not received a response at the time of publication.
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