Saudi Press

Saudi Arabia and the world
Saturday, Jun 21, 2025

Thousands of Egyptians defrauded by digital currency app promising profits

Thousands of Egyptians defrauded by digital currency app promising profits

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 pounds, and increasing according to the customer’s desire to profit. After I put about 10,000 pounds in the platform, which was normal, I was surprised by its closure.”

According to Muhammad Hani, one of the supervisors of the Hoggpool application, the company was making large profits, which were distributed among traders on the platform. Hani said he was also a victim and was not in direct contact with the main suspects of the fraud.

He added: “The company used computers to conduct operations through social media and digital platforms. The company was actually making big profits and distributing them to the traders involved. I used to run the profits mechanism every day in order to see the daily gains of the traders on it. My own profits from it came every day.”

Security services have arrested several administrators of the platform, however, the three main suspects are yet to be caught.

“This incident highlights the dangers of investing in unregulated platforms that promise significant returns. Investors should exercise caution and conduct thorough research before investing in any scheme,” Hussein warned.

“Egyptian citizens must be careful and not be lured by promises of easy profits.”
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Black Box Recovered from Air India Crash Site
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
×