{"id":75144,"date":"2023-03-07T11:22:17","date_gmt":"2023-03-07T09:22:17","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=75144"},"modified":"2025-09-10T10:01:01","modified_gmt":"2025-09-10T07:01:01","slug":"media-egyptian-crypto-scammers-swindled-investors-out-of-620000","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/media-egyptian-crypto-scammers-swindled-investors-out-of-620000\/","title":{"rendered":"Media: Egyptian crypto scammers swindled investors out of $620,000"},"content":{"rendered":"<p>Egyptian authorities arrested 29 people, including 13 foreign nationals, who, through the fraudulent HoggPool network, swindled more than $600,000. <a href=\\\"https:\/\/www.aljazeera.com\/news\/2023\/3\/6\/online-scam-swindles-egyptians-of-close-to-half-a-million-dollars\\\">Al Jazeera<\/a> cites state media.<\/p>\n<p><!--more--><\/p>\n<p>The perpetrators launched an online platform in August 2022 and enticed clients. They promised \\&#8221;substantial financial gains\\&#8221; from commissions on cryptocurrency mining and trading services, charged at an attractive exchange rate, the prosecutor&#8217;s office said in a statement on March 4.<\/p>\n<p>In February, HoggPool ceased operations, its organizers disappeared with clients&#8217; money.<\/p>\n<p>They later resurfaced with the aim of launching a platform called Riot, and were arrested.<\/p>\n<p>Engaging in cryptocurrency activity in Egypt is illegal \u2014 offenders face prison terms and fines of up to $325,000.<\/p>\n<p>In early 2018, Egypt&#8217;s Grand Mufti Sheikh Shawki Allam banned the trading of crypto assets.<\/p>\n<p>Nevertheless, Egyptian interest in cryptocurrencies <a href=\"https:\/\/forklog.com\/en\/news\/egypts-economic-crisis-fuels-interest-in-bitcoin\">remains high<\/a> due to the country&#8217;s economic problems.<\/p>\n<p>In May 2019, the media reported that authorities were drafting a bill that would permit licensed companies to conduct business.<\/p>\n<p>In October 2022, <a href=\"https:\/\/forklog.com\/en\/news\/chainalysis-names-the-mena-region-the-most-dynamic-crypto-market\">Chainalysis analysts named<\/a> the <span data-descr=\\\"\u0411\u043b\u0438\u0436\u043d\u0438\u0439 \u0412\u043e\u0441\u0442\u043e\u043a \u0438 \u0421\u0435\u0432\u0435\u0440\u043d\u0430\u044f \u0410\u0444\u0440\u0438\u043a\u0430\\\" class=\\\"old_tooltip\\\">MENA<\/span> region the most dynamic crypto market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egyptian authorities arrested 29 people, including 13 foreign nationals, who, through the HoggPool scam network, swindled more than $600,000.<\/p>\n","protected":false},"author":1,"featured_media":75145,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1966,1246],"class_list":["post-75144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-egypt","tag-scammers"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=75144"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75144\/revisions"}],"predecessor-version":[{"id":75146,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75144\/revisions\/75146"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/75145"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=75144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=75144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=75144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}