Skip to main content

Crypto scam in Egypt robs investors of $620,000

 An online cryptocurrency scam in Egypt robbed hundreds of investors of almost $620,000, according to state media Al-Ahram.

Police have detained 29 people in connection with the fake “HoggPool” online platform, including 13 foreign nationals.

In August, the scam website first surfaced in Egypt, promising investors enormous riches from cryptocurrency trading and mining 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.

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.

Authorities said the network was planning to launch a new platform called “Riot” when they were arrested.

Under Islamic law, crypto trade was deemed illegal in Egypt in 2018. The act may be punishable by prison and a fine of up to $325,000. While the religious decree was not legally binding, a de facto ban was imposed as a result of prohibitive banking laws enacted in 2020.

Nonetheless, despite the nation’s grave economic problems—the Egyptian pound has declined by almost 50% versus the dollar since March 2022—there is still a lot of interest in cryptocurrencies there.

Comments

Post a Comment

Popular posts from this blog

Protecting Customers' Information: Will operators embrace global standards ?

There are people who have vowed never to have anything to do with electronic payment again, no matter the preaching about the benefits. They are bank customers who have fallen victim to electronic payment fraud or e-fraud, and lost huge sums of money in the process. Their bitterness is aggravated by the callous manner some banks usually respond to their plight. “Oh you must have compromised your PIN (personal identification number) by giving it to somebody or by allowing somebody to access it”, these banks tell such people. It is not peculiar to Nigeria, e-fraud popularly known as ATM fraud is a global phenomenon. The amount lost to this fraud by customers and electronic payment services run into billions of dollars. The first step to successful perpetration of this kind of fraud is to have access to the information of the customer, including the PIN, account number etc. The information is then used to produce a duplicate ATM card of the customer which is then used to access and
Post a Comment
Read more

DO NOT MISS THIS AUDCOINS FREE MONEY

If you never make free money, please read and get some here, BECAUSE THIS MIGHT BE YOUR OPPORTUNITY TO CHANGE YOUR STORY. Do not joke with this  free earning opportunity because you might wake up one day to see it becomes the big thing and you won't forget missing this. I am happy to announce that Aussie Digital airdrop has finally launched. The Aussie Digital project has been designed to help, not hinder the growth of small to medium business online. The trading exchange (TRADEDO TRADING EXCHANGE) itself looks very professional and smooth. Nothing less than you would expect from a professional company like Aussie Digital. You can create your own online store with Tradezy a cryptocurrency supported e-commerce platform that enables the small scale business owners to hopen their online store at affordable price. The Aussie Digital will launch its ICO on 27th may 2019. It means, before the arrival of ICO date you have great opportunity to earn free AUDcoins without
Post a Comment
Read more