Thousands of Egyptians who used the “Hogg pool” platform for investment and profits were surprised by the closure of the platform and the loss of access to it after the seizure of about 6 billion pounds (about 195 million dollars) of clients’ money, according to what was published by local newspapers.
According to Al-Masry Al-Youm newspaper, dozens of complaints have been submitted to the competent authorities, demanding that those responsible for the platform be tracked down to return their money, while the Egyptian police or the Public Prosecution have not issued any clarification on the matter so far.
By searching for the company, "Hugh Bull", it turns out that it has created an account on the social networking site Facebook, and one of the company's publications invites users to obtain an amount ranging between 150 and 2000 Egyptian pounds (between 5 and 65 dollars) per day, and the company claims to rent a number of machines and machines for bitcoin mining. .
The platform offers users to invest in such machines with a number of options for profits, as it provides options starting from $ 10 to $ 50, with varying profit benefits daily, according to Cairo 24 newspaper.
The platform collected money from the victims through transfers from an electronic wallet in exchange for entering as a partner in the fictitious rental, sale and purchase operations.
The case reached the Egyptian Parliament, where Representative Hisham Al-Jahel submitted an urgent briefing request to the House of Representatives, demanding the opening of an expanded investigation into the fraud case that thousands of Egyptians were exposed to at the hands of "Hugh Paul".
Al-Jahel said in the briefing request that many complaints were received by the representatives in Parliament regarding the exposure of Egyptians to fraud operations from the platform that claims to work in bitcoin mining and to provide cloud mining services.
The hashtag # Hog_Bull topped the conversation of Egyptians during the past hours, and many launched distress calls demanding action to return their money after they were subjected to fraud by “Hugh Paul”.
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The "Hugh Bull" platform has spread among many people during the recent period, as hundreds of publications and videos that promote the platform appear by searching for it, promising huge profits based on investing money in mining cryptocurrencies.
The platform promised users profits that could reach $4 (about 120 pounds) per day for every 1,000 pounds, and the profits were already paid to some, which tempted them to invest more.