Egypt was the source of the latest information about cryptocurrency fraud. In August, HoggPool, a platform offering cloud mining services and cryptocurrency transactions, ceased operations. After the company’s owners could not be located, the matter was brought before deputies. Police arrested 29 people in connection with the incident.
Egypt, one of the countries with high inflation and economic problems, became a victim of one of the biggest crypto scams. HoggPool, which also offers cloud mining services, gained more than 600,000 subscribers in six months, but ceased operations earlier this month.
The Company Was In The Process Of Launching Its RIOT Application
A police operation in Egypt led to the arrest of 29 people and the confiscation of numerous devices. Those arrested stated that they were aware that they belonged to a criminal group, but that the company was targeting those who wanted to make a quick buck. After transferring money to accounts, they closed the app and planned to launch a new app called RIOT. RIOT is one of the world’s largest cryptocurrency mining companies headquartered in the United States.
The Return Guarantee Turned Out To Be A Fake
According to claims in the country’s media, the company attracted hundreds of thousands of customers in a short period of time by promising profits from cloud mining investments. However, in February, the company reduced the refunds it offered to its customers. The cut was attributed to the crypto crisis.
100 Thousand Google Downloads
Many villas in Cairo are home to many of the platform’s employees, who reportedly work abroad. HoggPool, which promotes itself as a global initiative, has been downloaded more than 100,000 times from GooglePlay alone.
This was the first crypto scam to have a global impact, affecting most of the African continent. In countries like Egypt, scammers have not had an easy time of it, as processes like auditing and company formation have been relatively difficult in previous attempts. Recently, these controls have been relaxed somewhat, so it seems easier to take action.
- Why Is STX On The Rise? What Makes Stacks Different?
- What Is MOBOX, The New Player In The World Of DeFi And NFT?
- Metaverse Is Going Through A Harsh Time
