29 Arrested in Egypt for Crypto Scam Hogg Pool
• Residents of Egypt were taken advantage of in a cryptocurrency scam known as Hogg Pool last August.
• The company promised returns for as little as ten dollars a month with plans that supposedly guaranteed $1 minimums in gains each day.
• Many of the perpetrators behind the fraud have been arrested at the time of writing.
Hogg Pool Crypto Scam
Residents of Egypt were taken advantage of in a cryptocurrency scam last August known as Hogg Pool. Promotional videos said it was founded in 2019, though regulators believe this is false information. It offered customers to invest their cash and garner returns beginning at ten dollars a month, with plans that supposedly guaranteed $1 minimums in gains each day – practically impossible given crypto’s volatility. Other plans included $800 mining machines with up to $55 daily returns, plus an option to take out money anytime subject to a 15 percent tax or wait until the end of each month and take out whatever money they wanted free.
Victims Of The Scam
Tarek Abd El-Barr, who works in medical supplies, was just one of many people who fell for the statements made by Hogg Pool – initially skeptical but eventually too good to pass up. He used his car instalment money and later realized he couldn’t access any money after downloading the app which had vanished from his phone: “Many people took loans from banks to invest in it.“
The story ends on somewhat a happy note as many of those behind this fraudulent scheme have been arrested at the time of writing. However, residents remain angry over being taken advantage of by such an elaborate scam which promised unrealistic returns for investments with crypto technology and blockchain investments.
Significance Of This Scam
This case serves as an important reminder that even though cryptocurrencies offer numerous advantages over traditional finance instruments and are becoming increasingly popular around the world, they can still be vulnerable to scams like this one if investors aren’t careful when making their decisions on where to put their money.
In conclusion, although some victims ultimately got justice with arrests made against perpetrators involved in the Hogg Pool Crypto Scam, it underscores how dangerous it can be when investing in new technologies without proper knowledge or research into what you’re getting into first.