Floyd Mayweather-Backed ICO Stox Sued For Misappropriating $30 Million16.8

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.

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.

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