29 arrested in Egypt after thousands were swept up in Hoggpool cryptocurrency investment scam

  • 📰 CBSNews
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 68%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Egyptians who invested in a cryptocurrency mining app were hit last week with the daunting realization that the incredible profits they thought they were making all boiled down to fiction. The platform, called Hoggpool, was launched in August.

— 2019 and was investing in cutting-edge industries, from"life sciences technology" to"space tech and blockchain." He called it"one of the leading energy providers worldwide" and said it offered"cryptocurrency mining at all levels."

Pyramid and Ponzi schemes are nothing new in Egypt, but cryptocurrency scams are. Receptions, parties and meetings held by the people behind Hoggpool, in fancy hotels and other venues, gave users the impression that it was all aboveboard. On February 27, when he tried to withdraw his money, it didn't work. Two days later, on March 1, the app stopped working completely and the website vanished.

The statement said the suspects had bilked unsuspecting investors of at least 19 million pounds, or about $615,000, but many in Egypt believe the real total was likely much higher.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 87. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

democrats like polis were trying to force people into crypto

People who invest there lost nearly 200$ million or (6 bn EGP) a big loss regarding economic situation in Egypt

'Many people took loans from banks to invest in it. I used my car instalment money. Now I have missed two installments and the bank is calling me...'

That’s not good ya’ll 😞

Who would have thunk that free money wasn't worth the paper it wasn't printed on?

Trust no one and enjoy life. Everything is a scam now. The best is coming

Left is a boys, right - womens, right?

Crypto is a scam! Enjoy.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines