There was a huge uproar in Egypt after the disappearance of a digital trading platform and the theft of its subscribers’ funds

Highlights: There was a huge uproar in Egypt after the disappearance of a digital trading platform and the theft of its subscribers’ funds. The SGO.CC platform for digital trading first appeared in India in December 2022, and officially began work in Egypt in June 2023 with an electronic website and application. The idea of the platform is based on reverse betting on football matches, by depositing money into electronic wallets within the application, and then predicting the wrong result of the match by a certain percentage.

The disappearance of a digital trading platform in Egypt and the theft of huge sums of money from its subscribers sparked widespread uproar and interaction on social media platforms.

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Video duration 04 minutes 22 seconds 04:22

The disappearance of a digital trading platform in Egypt and the theft of huge sums of money from its subscribers sparked widespread uproar and interaction on social media platforms.

The SGO.CC platform for digital trading first appeared in India in December 2022, and officially began work in Egypt in June 2023 with an electronic website and application, and marketed itself as investing in events. Sports.

In short, the idea of the platform is based on reverse betting on football matches, by depositing money into electronic wallets within the application, and then predicting the wrong result of the match by a certain percentage, so you win this percentage, and you receive the winnings, and if you do not believe your predictions, you will still keep the money in your wallet.

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Subscribers to the platform can also earn more money by watching certain matches, collect interest on deposited funds, and reap rewards by performing specific daily tasks.

Access to the platform is not available to anyone, as it requires an intermediary to give you a link and code to subscribe to it, and then any subscriber can invite new members, and receive a reward for that, and a percentage of their profits.

The platform became famous in Egypt, and the number of its subscribers exceeded 80,000. Then everyone was recently surprised that the platform was not working, its website was closed, its application was deleted, and the money evaporated, while the initial statistics showed that sums of money were stolen from subscribers amounting to half a billion Egyptian pounds.

"Heartbreak and a lesson to learn"

In its episode on (3/24/2024), the “Shabakat” program monitored the significant interaction of virtual platforms with the fraud incident, amid a difference in opinions between the heartbreak and disappointment of some and the aspiration of others to learn from this lesson and not repeat it in the future.

In his comment, Osama says, “There is a disaster in Egypt that was caused by the “Sago” platform. CC (SGO.CC) after it closed all its accounts, and stole billions, and the platform’s agents say that subscribers must pay a tax to open the platform... a great disappointment for people who put their money anywhere.”

Ahmed Hamza expressed his opinion on the matter, and said, “Of course, we have all been negligent. There are those among us who won, those who lost, and those who lost more, of course. No one learns for free, so whoever tells you that after this there is a permanent platform, he will continue to work for you and what will he (ignore you)... Which platform will come? "It has time to close."

“Roberto Al-Masry” saw what happened from a positive perspective, and commented, “I thank God that he did not help you in this forbidden livelihood because he loves you and wants you to be clean.. Don’t be sad, learn from your mistake and continue on your way.”

For his part, Sabri Saleh concluded that all platforms on the Internet are based on deception, and added, “We will go and say that we put money in our mood and neglected.. Sir, all the platforms on the Internet are scams.. Give me a platform that has not been closed since the days of the Hugo platform.”

It is worth noting that cybersecurity and digital transformation advisor Roland Abbé Negm said that the owners of electronic fraud platforms cannot be caught because they may be located in any country in the world. “The issue is complex, especially since it is necessary to address the International Criminal Police Organization (Interpol).”

Regarding how to avoid falling into the traps of these platforms, Abi Najm explained to Shabakat that all platforms may be based on fraud, stressing the need not to trust any platform that promises its subscribers quick profits, especially those that exploit influencers to market them on social media platforms.