Authorities in Egypt have detained 29 people who are accused of running online cryptocurrency scam, state media reported on Sunday (March 5). Those detained include 13 foreigners. The cryptocurrency scam reportedly duped thousands of investors.
According to the report, the nexus pocketted about USD 620,000 by duping its victims. Egypt is already battling economic crisis amid rapid inflation.
The group ran the online platform “HoggPool” which promised its clients “financial gains after having lured them by fraudulent means”, said a statement released by the prosecution service late Saturday.
The scheme promised large profits from crypto-currency mining and trading services, for fees charged at an attractive foreign exchange rate.
“They sold people a computer tool: you paid 4,000 Egyptian pounds for it, and you earned 30,000 pounds. You paid 100,000 and you earned a million,” said TV talk show presenter Amr Adib.
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.
(With inputs from agencies)
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