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Egypt arrests 29, including 13 foreigners, over alleged cryptocurrency scam


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CAIRO, Egypt — Egyptian authorities have detained 29 people, including 13 foreigners, accused of running an online cryptocurrency scam that defrauded thousands of investors, state media reported Sunday.

The network pocketed about $620,000 at the expense of its victims in the country now battered by an economic crisis and rapid inflation, the report said.

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 cryptocurrency 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.

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