Fake Bitcoin Platform Defrauds Over 600,000 Egyptians

Date: 05 March 2023 - 21:49

News ID: ۱۱۳۰۸۵

CAIRO (Middle East Eye) – Thousands of Egyptians were the victims of fraud by a fictitious online platform that promoted itself as a Bitcoin investment vehicle, according to a report by London-based Al-Quds Al-Arabi.
“Hogpool” collected millions of Egyptian pounds from users over a seven-month period, before those responsible for the company shut down the website and disappeared.
The fake company was set up in August by specialists in electronic fraud, the report stated.
It lured users in by offering them small returns on initial investments, before roping them into “a circle of fraud”. The website was promoted by paid social media influencers.
At least 600,000 Egyptians had subscribed to the platform by the time of its sudden closure.
Several subscribers filed a complaint to Egypt’s attorney general, accusing the fraudulent company of “seizing their money” and “deluding its clients”.
Egyptian MP Hisham al-Jahel raised the matter in parliament, calling for an investigation and tighter restrictions on online platforms.