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

Egyptian authorities have arrested 29 individuals for their alleged involvement in an online cryptocurrency scam.

Among those detained, 13 are said to be foreigners. This scheme is believed to have tricked numerous investors out of their money.

As per the statement released by the prosecution service, the group behind the cryptocurrency scam allegedly earned around USD 620,000 by deceiving their victims.

Egypt, which is already grappling with rapid inflation and an economic crisis, was targeted by this group through an online platform called "HoggPool".

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.