Egypt arrests 29 over alleged online crypto scam

The scheme promised large profits from crypto-currency mining and trading services, for fees charged at an attractive foreign exchange rate. — Photo by Kanchanara on Unsplash

CAIRO: Egyptian authorities have detained 29 people, including 13 foreigners, accused of running an online cryptocurrency scam that defrauded thousands of investors, state media reported on March 6.

The network pocketed about US$620,000 at the expense of its victims in the country now battered by an economic crisis and rapid inflation, the report said.