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Cairo Nabs Crypto Scammers

Egyptian authorities have arrested 29 people, including 13 foreign citizens, accused of running an online cryptocurrency scam that defrauded thousands of investors. The network pocketed about $620,000 at the expense of victims in the country now battered by an economic crisis and rapid inflation. The online platform “HoggPool”, which appeared in August according to local media, promised clients “financial gains after having lured them by fraudulent means”, said a statement released by the prosecution service. The scheme promised large profits from cryptocurrency mining and trading services, for fees charged at an attractive foreign exchange rate. It is illegal to dabble in cryptocurrency in Egypt – the act may be punishable by prison and a fine of up to $325,000. According to media reports, HoggPool abruptly ceased operations in February and vanished with the money. Authorities said the network was planning to launch a new platform called “Riot” when they were arrested.