Egyptian authorities arrested 29 people, including 13 foreign nationals, who, through the fraudulent HoggPool network, swindled more than $600,000. Al Jazeera cites state media.
The perpetrators launched an online platform in August 2022 and enticed clients. They promised \”substantial financial gains\” from commissions on cryptocurrency mining and trading services, charged at an attractive exchange rate, the prosecutor’s office said in a statement on March 4.
In February, HoggPool ceased operations, its organizers disappeared with clients’ money.
They later resurfaced with the aim of launching a platform called Riot, and were arrested.
Engaging in cryptocurrency activity in Egypt is illegal — offenders face prison terms and fines of up to $325,000.
In early 2018, Egypt’s Grand Mufti Sheikh Shawki Allam banned the trading of crypto assets.
Nevertheless, Egyptian interest in cryptocurrencies remains high due to the country’s economic problems.
In May 2019, the media reported that authorities were drafting a bill that would permit licensed companies to conduct business.
In October 2022, Chainalysis analysts named the MENA region the most dynamic crypto market.