Egypt Crypto Scam: Authorities Arrest 29 in HoggPool Fraud Case

June 4, 2024

NEWS

Egypt authorities have arrested 29 people in a major crypto scam, including 13 foreign citizens. They are accused of operating the online cryptocurrency scheme “HoggPool.” The network defrauded thousands of investors, pocketing around $620,000. The scam promised large profits from cryptocurrency mining and trading services. However, it abruptly ceased operations in February, vanishing with the money. Authorities reported that the network was planning to launch a new platform called “Riot” when the arrests were made.

Source: Aljazeera

SITUATION ANALYSIS

Egypt’s crackdown on the HoggPool cryptocurrency scam reveals vulnerabilities in online investment schemes. The fraudulent platform promised substantial financial gains, luring thousands of investors by exploiting attractive foreign exchange rates. Despite the illegality of cryptocurrency activities in Egypt, the scheme attracted significant investment before disappearing with the funds. The arrests included 16 Egyptians and 13 foreign nationals, highlighting the international nature of the fraud. Authorities seized numerous devices and bank cards, which will aid in the investigation.

CHALLENGES

WHY iCOGNATIVE?

iCognative™ technology can significantly enhance the investigation of online scams by detecting hidden knowledge and uncovering the full extent of fraudulent activities. icognative works by inputting some confidential information related to crime into the technology and showing it to suspects. The technology analyzes the brainwave response of the suspect and identifies the recognition. In the case of the HoggPool scam, iCognative could be useful for the following reasons:

In the case of the HoggPool scam, iCognative could help reveal the extent of the fraud, identify additional participants, and ensure robust legal action. This would protect investors and uphold financial integrity in Egypt.

Source: Brainwave Science