Thousands of Egyptians defrauded by digital currency app promising profits

Thousands of Egyptians defrauded by digital currency app promising profits

CAIRO: Thousands of Egyptians have fallen victim to a fraudulent investment application called “Hoggpool,” resulting in financial losses of about 6 billion Egyptian pounds ($195 million).

Egyptian lawyer Abdulaziz Hussein filed judicial reports to the Cairo security directorate on behalf of more than 150 defrauded citizens, saying that his clients were deceived by the Hoggpool platform.

Hussein added that some of his clients had sold land plots and gold holdings to invest in the platform, hoping to earn a significant return on investment. However, the platform abruptly closed on Feb. 28, leaving many investors with nothing.

Hoggpool was advertised as a way to earn money through digital currency mining and investment. Users could supposedly earn money by purchasing a device for 10 Egyptian pounds or by investing money starting with 200 Egyptian pounds, which, it claimed, would be doubled in just 10 days. The platform promised significant profits, and its operators went to great lengths to convince potential investors of its legitimacy.

Ahmed K., a resident of Port Said, was lured by ads on Facebook and lavish parties organized by Hoggpool officials. He said: “They deluded us into thinking that we could profit by depositing money to participate in the platform, starting with 200