• March 27, 2023


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Crypto Scammers Defraud Investors of $620K in Egypt

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The Egyptian authorities have arrested 29 people, including 13 foreign nationals, for stealing more than $600,000 using the fraudulent HoggPool network.

The platform was launched in August 2022 and promised customers “great financial rewards” for fees charged from cryptocurrency mining and trading services at an attractive exchange rate.

Once the organizers of HoggPool disappeared with the clients’ money, they attempted to launch the Riot platform, leading to their arrest.

In Egypt, engaging in cryptocurrency activities is punishable by a prison sentence and a fine of up to $325,000.

Back in 2018, the Grand Mufti of Egypt banned the trading of crypto assets, but the country’s citizens remain interested in cryptocurrencies due to economic problems.

However, in May 2019 it was reported that the authorities were developing a bill which would allow licensed companies to conduct business.