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Major bitcoin fraud case rattles Egypt

Hundreds of Egyptians were swindled by an international crypto mining company, raising controversy over the digital currency that has grown in popularity in cash-strapped Egypt.
A man counts Egyptian pounds at a currency exchange shop, Cairo, Egypt, Nov. 3, 2016.

CAIRO — Egyptian authorities have succeeded this month in partially unraveling one of the largest cases of online fraud in the country to date by arresting the members of a network that established a fake digital currency platform and deceived thousands of people into readily handing over their life’s savings. 

The network was made up of 29 people, including 13 foreign nationals, according to the Egyptian Interior Ministry.

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