Crypto Scam in Egypt Defrauds Thousands of Investors of $620K

According to a report by Al Jazeera citing state media, an online cryptocurrency scam in Egypt has deceived thousands of investors, resulting in losses of approximately $620,000. The fraudulent scheme, known as “HoggPool,” has led to the arrest of 29 individuals, including 13 foreign nationals, by the authorities. The platform, which emerged in Egypt in August, enticed investors with promises of significant profits through cryptocurrency mining and trading.

In 2018, cryptocurrency trading was deemed impermissible in Egypt based on Islamic law. Although the religious ruling was not legally enforceable, the introduction of restrictive banking regulations in 2020 has effectively resulted in a ban on crypto trading. Despite this, there is still considerable interest in cryptocurrency in the country, which has been grappling with significant economic challenges in recent years. The value of the Egyptian pound has depreciated by almost 50% against the dollar since March 2022.

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