Egyptian crypto swindle scheme lures $6b from users

A bogus investing program known as Hoggpool has caused tens of thousands of Egyptians to lose around 194 million Egyptian pounds, equivalent to over $6 billion. The fraud has led to the arrest of 29 persons, including 13 foreigners.

What was Hoggpool

Hoggpool was promoted as a method of making money by mining digital currencies and investing in those. It was stated that users could make money by buying a gadget for 10 Egyptian pounds or by investing money beginning at 200 Egyptian pounds.

The founders promised that the gains could be quadrupled in only ten days. The platform’s owners took tremendous measures to persuade prospective investors that the venue was legitimate, and the site promised huge rewards.

Egypt opens a criminal case

An Egyptian attorney Abdulaziz Hussein submitted judicial complaints to the Cairo security directorate on behalf of over 150 persons who had been cheated, stating that his clients had been taken advantage of by the Hoggpool platform.

Hussein noted that some of his customers had sold gold holdings and property plots to invest in the platform, expecting a significant return on their money. Yet, on Feb. 28, the site was suddenly shut down, and as a result, many investors were left with nothing.

One of the Hoggpool app’s managers, Muhammad Hani, claimed that the firm generated a lot of money and shared it with the traders that use the site. Hani said he was also a victim but had no involvement with the prime suspects.

He said computers managed the firm’s social media and digital platforms. The firm was earning substantial profits, which it was shared among the engaged dealers.

“I used to check the profits mechanism’s daily gains for the traders by running it daily. Daily revenues were mine to keep,” Hani claimed.

29 persons arrested

According to Times of Israel, 29 persons, including 13 foreigners, have been arrested by Egyptian police on suspicion of orchestrating an online cryptocurrency scheme that robbed thousands of investors.

According to the study, the network made almost $620,000 off of its victims in a nation now experiencing a severe economic crisis and fast inflation.