17. abril 2024

29 Arrested in Egyptian Crypto Scam: Investors Lose Millions

• Residents of Egypt were taken advantage of by a cryptocurrency scam known as Hogg Pool in August.
• The company offered plans that promised $1 minimums in gains each day, which was impossible due to the volatility of crypto.
• Thankfully, many of the perpetrators behind the fraud have been arrested.

Hogg Pool Crypto Scam

Residents of Egypt were taken advantage of last August when they fell victim to a cryptocurrency scam known as Hogg Pool. The company was advertised as a presenter of crypto and blockchain technology investments, with plans starting at just ten dollars per month. However, they also included an unrealistic promise – $1 minimums in gains each day – given crypto’s volatile nature. Additionally, more complicated plans revolved around mining products for larger payouts than the $1-per-day plans.

Victims Speak Out

Tarek Abd El-Barr was one such victim who got caught up in Hogg Pool’s promises and invested his car instalment money in the scheme. He said: “We thought it was electronic investing, that they were like Amazon or Microsoft…Many people took loans from banks to invest in it.» Sadly, he eventually realized this wasn’t real and couldn’t access his money anymore.

Arrests Made

Thankfully, many of the perpetrators behind this fraudulent scheme have been arrested at the time of writing. This has brought some relief to those affected by this scam who had lost money due to believing false promises made by Hogg Pool’s founders.

Conclusion

Cryptocurrency scams are unfortunately still rampant today and unsuspecting victims can easily fall prey to them if they are not careful with their investments and research into any potential companies before giving away their hard earned cash or trusting unverified sources online..

Takeaways