State media claimed on Sunday that 29 persons had been detained by Egyptian authorities on suspicion of operating an online bitcoin fraud (March 5). Thirteen foreigners are among those held. Many investors were apparently conned by the cryptocurrency fraud.
The nexus allegedly made roughly USD 620,000 by deceiving its victims, according to the study. Egypt is currently dealing with a severe economic crisis and rising inflation.
The group maintained the internet platform ‘HoggPool’ which promised its consumers ‘money gains after having enticed them by fraudulent ways’, said a statement released by the prosecution office late Saturday.
The plan guaranteed substantial returns on cryptocurrency mining and trading operations in exchange for fees charged at enticing exchange rates.
‘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.
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