- Advertisment -

Several people detained in Egypt for allegedly participating in online crypto fraud

According to official media, Egyptian authorities have detained 29 persons, including 13 foreign nationals, on suspicion of orchestrating an online cryptocurrency scheme that robbed thousands of investors.

According to a report on Sunday, the network made roughly $620,000 in profits at the expense of victims in the nation, which is currently suffering from an economic crisis and fast inflation.

According to local media, the online platform “HoggPool” first appeared in August. It promised customers “cash rewards after having enticed them by fraudulent means,” according to a statement issued by the prosecution office late on Saturday.

The plan guaranteed substantial returns on cryptocurrency mining and trading operations in exchange for fees collected at enticing exchange rates.

In Egypt, it’s against the law to experiment with cryptocurrencies; offenders face up to three years in prison and a $325,000 fine.

HoggPool abruptly stopped operating in February and disappeared with the money, according to the state-run newspaper Al-Ahram.

When they were detained, the network allegedly had plans to introduce a new platform called “Riot,” according to the authorities.

16 Egyptians and “13 foreign nationals of the same country,” who were not identified, according to the interior ministry, had been detained. According to the report, authorities also seized 95 mobile phones, 3,367 SIM cards, and 41 foreign bank cards.

Egypt is currently going through one of its greatest economic crises ever.

Egypt’s pound has lost over half of its value relative to the US dollar since March 2022. A severe lack of dollars has stifled imports and resulted in a backlog of cargo at ports, which has a negative impact on local industries.

According to official data, inflation soared to 25.8 percent in January, the highest amount in five years. Many basic foods’ prices have risen far more quickly.

Prior to COVID-19, according to official figures, around 30% of the population was considered to be poor; analysts claim that number has subsequently increased. According to estimates, 104 million Egyptians, or close to 60 percent of the population, live in poverty.

Patrick Huston
Patrick Huston
As a senior editor, Patrick is a professional who is in charge of putting out business news. As a senior editor, Patrick is likely to be in charge of the duties of junior editors and writers, make sure the content is correct and high-quality, and work with other departments to make sure the business news is published on time. Patrick knows a lot about business and the latest market trends. He uses this knowledge to choose and edit stories that are both interesting and useful to readers. He also works with reporters and analysts to come up with insightful pieces that help readers keep up with the latest business news. Patrick is a very important part of keeping the public informed and interested in important business issues. He is passionate about journalism and strives for excellence.

Disclaimer: We want to be clear that the information on Bollyinside.com, including news, articles, reviews, and opinions, is intended for reading and knowledge purposes only. While we strive to provide accurate and up-to-date information, opinion and news, we cannot guarantee the completeness, accuracy, reliability, suitability, or availability of any information. The opinions expressed on this website are those of the authors and do not necessarily reflect our views. We recommend that readers conduct their own research and seek professional advice before making any decisions based on the information provided on this website. We are not responsible for any loss, injury, claim, liability, or damage related to the use of this website or the information contained herein. Read more


- Advertisment -