Egyptian authorities have arrested 29 suspects, including 13 foreign nationals, in connection with cryptocurrency investment scams, according to state media. They are accused of running an online cryptocurrency scam that defrauded thousands of investors and made about $620,000 in profits.

According to local media reports, in August 2022, an online platform "HoggPool" appeared in Egypt, which lured consumers to invest in cryptocurrencies with high yields and charged a fee at a very attractive exchange rate, in fact, the fraud group made huge profits from it. In February 2023, HoggPool suddenly ceased operations and the gang behind it disappeared with the money.

Authorities said they were arrested at a time when the gang was planning to launch a new platform called "Riot."

The Interior Ministry said it had arrested 16 Egyptians and "13 foreigners of the same country", but did not identify them. Authorities also seized 95 mobile phones, 3,367 SIM cards and 41 foreign bank cards. It is illegal to dabble in cryptocurrencies in Egypt - such behavior can carry a jail sentence and a fine of up to $325,000.