A online cryptocurrency scam in Egypt defrauded thousands of investors of around $620,000, Al Jazeera reported on Monday, citing state media.

Authorities have arrested 29 people, including 13 foreign citizens, in connection with the fraudulent platform known as "HoggPool."

The scheme first appeared in Egypt in August, promising investors large profits from crypto mining and trading.

Crypt trading in 2018 was declared forbidden in Egypt under Islamic law. While that religious decree was not legally binding, a de facto ban has been in place thanks to prohibitive banking laws introduced in 2020.

However, crypto interest remains high in the country, which has been experiencing severe economic woes in recent years, with the Egyptian pound having depreciated nearly 50% against the dollar since March 2022.