As of 8:19am today in New York, every retail investor who had ever bought shares of Enlivex on the Nasdaq, an arthritis biotech-turned-digital asset treasury (DAT), had lost money.
The company bet its balance sheet on the RAIN crypto token that ZachXBT eventually tied to Moshe Hogeg, an Israeli entrepreneur facing a $290 million law enforcement investigation.
Shares of Enlivex, which have been trading publicly for 12 years, traded to their all-time low of $0.42 this morning. Investors are slowly losing it all.
Hogeg has denied fraud allegations via a spokesperson.
The biotech company spent years developing clinical therapeutics. Bizarrely, it then reinvented itself in November 2025 to what it called the “world’s first prediction markets digital asset treasury strategy.”
That was a world first — and probably last.
The company raised over $200 million through a private placement at $1 per share, funded in dollars and USDT.
It also apppointed a former prime minister of Italy to its board, and spent money accumulating RAIN, a so-called governance token of an Arbitrum-based protocol, calling it “the Uniswap of prediction markets.”
Still today, Enlivex holds about 78.8 billion RAIN worth $1.2 billion, equal to 12% of the token’s circulating supply.
Sadly, even though the token has independently rallied substantially since last year, shares of its largest publicly traded holding company keep falling.
Something is wrong at that company.
Read more: Police want party animal and alleged crypto scammer Moshe Hogeg charged with fraud
ZachXBT flags RAIN, Enlivex, and Moshe Hogeg
On-chain investigator ZachXBT flagged the RAIN token in May of this year. He warned, “You only provide exit liquidity for insiders,” and concluded, “team 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 further traced RAIN’s funding to a blockchain addresses that once moved money for two failed projects, TOMI and Data Ownership Protocol.
TOMI was co-founded by Hogeg, who was behind a string of crypto ventures that lost investors’ money.
ZachXBT alleges on-chain activities link RAIN to Hogeg-connected blockchain addresses.
Despite the mark-to-market value of Enlivex’s RAIN holdings at $1.2 billion, the token is thinly traded and would likely fetch less during a sudden, large sale.
Moreover, its holdings dwarf the company’s actual market capitalization of a mere $118 million which indicates encumbrances over those assets or other serious problems.
Some of its RAIN is pledged as collateral, for example.
The stock has fallen 94% over the past five years, including a 30% year-to-date decline. Even privileged investors who bought within its November placement at $1 have watched their investments halve in value.
In short, Enlivex’s treasury pivot is just another installment in a long series of retail money routed toward Hogeg-linked crypto tokens.
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