Another major cryptocurrency fraud has come to light in which millions of dollars have been stolen from users.
This time the cryptocurrency scam came to light in Egypt, where authorities have arrested 29 people, including 13 foreign nationals, accused of running an online cryptocurrency scam.
According to the official media report, the arrested suspects have cheated thousands of investors. This network took 620 thousand US dollars from investors in a country suffering from economic crisis and inflation.
The statement issued by the Prosecution Service said that the online platform “HogPool”, which was published in August according to local media, promised clients “financial benefits by luring them through fraud”. .
Using cryptocurrency in Egypt is illegal and punishable by prison terms and fines of up to $325,000. The state-run Al-Ahram daily reported that the hog pool suddenly shut down in February and disappeared with the money.
The network was planning to launch a new platform called “Riot” when he was arrested, officials said.
The interior ministry said 16 Egyptians and “13 foreign nationals of the same country” who could not be identified, were arrested. Authorities also seized 95 mobile phones, 3,367 SIM cards and 41 foreign bank cards. .
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