March 9, 2023
By Anjali Kochhar
Egyptian authorities have arrested 29 people accused of running an online cryptocurrency scam that defrauded thousands of investors, as per state media reports.
The interior ministry said 16 Egyptians and “13 foreign nationals of the same country”, who were not identified, had been arrested. Officials also seized 95 mobile phones, 3,367 SIM cards and 41 foreign bank cards, it said.
The network pocketed about $620,000 at the expense of victims in the country now battered by an economic crisis and rapid inflation, as per reports.
The online platform “HoggPool”, which appeared in August according to local media, promised clients “financial gains after having lured them by fraudulent means”, said a statement.
The scheme promised large profits from cryptocurrency mining and trading services, for fees charged at an attractive foreign exchange rate.
It is illegal to dabble in cryptocurrency in Egypt – the act may be punishable by prison and a fine of up to $325,000.
HoggPool abruptly ceased operations in February and vanished with the money, the state-run daily Al-Ahram reported.
Authorities said the network was planning to launch a new platform called “Riot” when they were arrested.
Egypt is suffering one of its worst-ever economic crises. Since March 2022, Egypt’s pound has depreciated by nearly half its value against the US dollar.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.