The platform offered users the possibility to rent so-called ‘mining machines’ starting from LE 200 ($6.47) in order to get a daily profit of around 10%.
To entice users to invest more money, HoggPool employed various tactics to make the payment process more convenient. One such tactic was offering the option to pay in Egyptian Pounds instead of dollars, making it easier for local users to participate. Additionally, the platform provided a lower exchange rate for the Egyptian Pound compared to the official rate thus creating the perception of a favorable and cost-effective investment opportunity.
HoggPool said it was as an international platform with headquarters abroad. Its Google Play app had been downloaded more than 100,000 times.
HoggPool abruptly halted the payment of daily profits to its users in late February 2023 leaving hundreds of people disillusioned. Many users claimed to have invested significant amounts of money, some even hitting tens of thousands of Egyptian Pounds, with the expectation of receiving regular returns.
According to the Ministry of Interior, the arrested elements admitted that they formed the criminal network with the aim of targeting those who are willing to achieve quick profits via the internet.
The scammers also confessed that the stolen the money was moved to about 9,965 electronic wallets in order to transfer the money abroad and buy bitcoins.
“The necessary measures are being taken to seize the monitored electronic wallets and track the funds transferred abroad through the Interpol,” the ministry said.
Credit: Source link
