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Last updated on June 4th, 2021 at 09:02 am

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After several months of searching, The Economic and Financial Crimes Commission has arrested the Founding Pioneer of Pinkoin for a case bordering on obtaining pretense, names-dropping, and fraud to the tune of thirty-two million nairas ( N32,000,000). He was captured in Sokoto, Nigeria.

Omotade Amos was originally declared wanted by the Economic and Financial Crimes Commission in November 2020 over an alleged fraud of 32 million nairas. The alleged fraudster had been reportedly promising outrageous returns to investors who buy the scam coin called Pinkoin. 

Pinkcoin Scam: EFCC Declares Pinkcoin Pioneer Wanted Over 32 Million Naira Fraud Following a Publication on Its Website.

The project had been reportedly carrying out illegal fund contributions from their victims who have no proper knowledge of cryptocurrency and digital assets.

According to the Inknation Scam Website, InkNation is the world’s first charitable trust that exists as a Decentralized Autonomous Organization(DAO), Also known as iBSmartify which began operating the Inksnation website in November 2018.

Inknation Claims that its project can eradicate poverty in any country in less than 9 months. That it intends to achieve this with its blockchain called InksLedger(formerly ledger).

The team claimed that its InksLedger does not function as conventional blockchain technology does e.g Bitcoin, Litecoin, etc. It is not even built upon or modeled after any pre-existing blockchain.

InksLedger was to function as a first of its kind charitable blockchain that will be backed by human assets. This means that every human being that signs up with Inknation becomes a living node on its blockchain.

While the Project would sound realistic, and goal orientated, the project has no effective use case, a working team, and to the very least a whitepaper. The project has also been flagged as a scam project by SiBAN, a self-regulatory body for blockchain stakeholders in Nigeria.

The Security Exchange Commission had initially warned the public to desist from investing in the project as it is not registered with the regulators in Nigeria. 

The Economic and Financial Crimes Commission has pledged to drop further details about the case in weeks to come.

About The Author

By Queen Helen

Data Scientist, Tech Enthusiast and a Crypto Lover

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