As of 8:19am immediately in New York, each retail investor who had ever purchased shares of Enlivex on the Nasdaq, an arthritis biotech-turned-digital asset treasury (DAT), had misplaced cash.
The corporate guess its steadiness sheet on the $RAIN crypto token that ZachXBT finally tied to Moshe Hogeg, an Israeli entrepreneur going through a $290 million regulation enforcement investigation.
Shares of Enlivex, which have been buying and selling publicly for 12 years, traded to their all-time low of $0.42 this morning. Traders are slowly dropping all of it.
Hogeg has denied fraud allegations by way of a spokesperson.
The biotech firm spent years growing medical therapeutics. Bizarrely, it then reinvented itself in November 2025 to what it known as the “world’s first prediction markets digital asset treasury technique.”
That was a world first — and doubtless final.
The corporate raised over $200 million by means of a personal placement at $1 per share, funded in {dollars} and USDT.
It additionally apppointed a former prime minister of Italy to its board, and spent cash accumulating $RAIN, a so-called governance token of an Arbitrum-based protocol, calling it “the Uniswap of prediction markets.”
Nonetheless immediately, Enlivex holds about 78.8 billion $RAIN price $1.2 billion, equal to 12% of the token’s circulating provide.
Sadly, regardless that the token has independently rallied considerably since final yr, shares of its largest publicly traded holding firm hold falling.
One thing is flawed at that firm.
Crypto traders burnt once more by Israeli entrepreneur Moshe Hogeg
ZachXBT flags $RAIN, Enlivex, and Moshe Hogeg
On-chain investigator ZachXBT flagged the $RAIN token in Could of this yr. He warned, “You solely present exit liquidity for insiders,” and concluded, “crew is tied to a sketchy DAT Enlivex & launchpad Gems[.]vip.”
In a follow-up, he reiterated warnings about $RAIN and Enlivex.
Days later, ZachXBT reiterated his $RAIN warnings and additional traced $RAIN’s funding to a blockchain addresses that after moved cash for 2 failed tasks, TOMI and Knowledge Possession Protocol.
TOMI was co-founded by Hogeg, who was behind a string of crypto ventures that misplaced traders’ cash.
ZachXBT alleges on-chain actions hyperlink $RAIN to Hogeg-connected blockchain addresses.
Regardless of the mark-to-market worth of Enlivex’s $RAIN holdings at $1.2 billion, the token is thinly traded and would doubtless fetch much less throughout a sudden, massive sale.
Furthermore, its holdings dwarf the corporate’s precise market capitalization of a mere $118 million which signifies encumbrances over these property or different severe issues.
A few of its $RAIN is pledged as collateral, for instance.
The inventory has fallen 94% over the previous 5 years, together with a 30% year-to-date decline. Even privileged traders who purchased inside its November placement at $1 have watched their investments halve in worth.
In brief, Enlivex’s treasury pivot is simply one other installment in an extended collection of retail cash routed towards Hogeg-linked crypto tokens.
