Egyptian Authorities Crack Down on Crypto Scammers After Stealing $620K from Unsuspecting Victims

The platform promised clients substantial financial gains through fraudulent means, as per the statement.

As a matter of fact, the scammers charged fees for crypto-currency mining and trading services at an attractive foreign exchange rate, which promised high profits.

A popular TV talk show host, Amr Adib, stated that the group sold people a computer tool for a fee ranging from 4,000 to 100,000 Egyptian pounds, promising them returns as high as 30,000 to a million pounds.

Launched in August, 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.