• Residents of Egypt were scammed by a fraudulent cryptocurrency company, known as Hogg Pool, last August.
• The company offered plans that guaranteed minimum returns each day and mining products with $800 investment machines.
• The perpetrators behind the fraud have been arrested at the time of writing.
Hogg Pool Crypto Scam
Residents of Egypt were taken advantage of after falling victim to a cryptocurrency scam last August known as Hogg Pool. The company promoted itself as a presenter of crypto and blockchain technology investments with plans starting from as little as ten dollars a month. However, these plans guaranteed unrealistically high returns of $1 per day in gains and other more complicated plans where customers could invest in $800 mining machines with claims of earning up to $55 daily.
Many people invested their hard-earned money into the scam believing it was real given the false information presented by the company. Tarek Abd El-Barr – who works in medical supplies – was one such victim who thought it seemed too good to pass up. He said: “We thought it was electronic investing, that they were like Amazon or Microsoft” but unfortunately realized all too late that Hogg Pool was a scam and his money was lost forever.
The perpetrators behind this fraud have now been arrested at the time of writing bringing some relief to those affected by this crime who had taken out loans from banks or used their car instalment money for investments.
Crypto Investment Risks
It is important to remember that when investing in cryptocurrencies or any financial product, there is an element of risk involved so investors must always research carefully before putting their money into something which appears too good to be true like Hogg Pool did with its guaranteed minimum returns daily scheme.
This case serves as an important reminder for everyone not to be duped by false promises and guarantees made by companies regarding potential profits from investments especially when it comes to highly volatile markets like cryptocurrencies where there is no way any sort of guarantee can be made on returns due to unforeseen market conditions beyond anyone’s control.