Crypto Scam in Egypt Defrauds Thousands of Investors of $620K: Report
TL;DR Egyptian authorities have arrested 29 people, including 13 foreign citizens, in connection with a fraudulent online cryptocurrency scam that defrauded thousands of investors of more than $620,000. The scheme first appeared in Egypt in August and promised large profits from crypto mining and trading, despite the fact that such activities are prohibited under Islamic law. Despite this, crypto interest remains high in Egypt due to the country's economic woes.
A online cryptocurrency scam in Egypt defrauded thousands of investors of around $620,000, Al Jazeera reported on Monday, citing state media.
Authorities have arrested 29 people, including 13 foreign citizens, in connection with the fraudulent platform known as "HoggPool."
The scheme first appeared in Egypt in August, promising investors large profits from crypto mining and trading.
Crypt trading in 2018 was declared forbidden in Egypt under Islamic law. While that religious decree was not legally binding, a de facto ban has been in place thanks to prohibitive banking laws introduced in 2020.
However, crypto interest remains high in the country, which has been experiencing severe economic woes in recent years, with the Egyptian pound having depreciated nearly 50% against the dollar since March 2022.