Egyptians who invested in a cryptocurrency mining app were hit last week with the daunting realization that the incredible profits they thought they were making all boiled down to fiction. The platform, called Hoggpool, was launched in August. In a promotional video, a man introduced the company with a claim that it was founded in Colorado in 2019 and was investing in cutting-edge industries, from “life sciences technology” to “space tech and blockchain.” He called it “one of the leading energy providers worldwide” and said it offered “cryptocurrency mining at all levels.” Potential investors were offered various plans starting from only about $10, with a fixed profit promised of $1 per day over a specific period. The investment options ranged up to an $800 crypto-mining “machine” with a $55 per-day payout. Hoggpool told investors they could withdraw their money daily, minus a 15% tax, or wait until the end of the month and withdraw all their returns tax-free. To Tarek Abd El-Barr, who works in medical supplies, it sounded like an incredible opportunity. “They said they were ‘workers in mining,'” he told CBS News. “No one in Egypt knows what mining coins is. We don’t know anything about these things. We thought it was electronic investing — that they were like Amazon or Microsoft.”
Full story : 29 arrested in Egypt after thousands were swept up in Hoggpool cryptocurrency investment scam.
