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Inksnation cryptocurrency scam mastermind placed on the wanted list in Nigeria

Nigerian authorities want the Inkstation executive to face charges.

Image by Sammy-Williams from Pixabay

Tue, 17 Nov 2020, 17:14 pm UTC

Nigerian authorities are asking the public to help them locate Omotade Sparks Amos Sewanu, the alleged mastermind of the Inksnation cryptocurrency scam. On a notice published on November 11, the nation’s Economic and Financial Crimes Commission (EFCC) place Sewano on its wanted list so he could face charges related to Pinkoin, Inksnation crypto-token, reported.

The Inksnation crypto scam enticed its victims with the promise of a lifetime investment income. The scheme became popular at the start of Nigeria’s coronavirus-related lockdown as it offered five investment packages to investors who were already concerned about employment uncertainties due to the restrictions in place.

The Inksnation website noted that income/salary payments will be made using the Pinkoin cryptocurrency. This raised question of how it could be exchanged to cash as the token is not yet listed on any crypto exchange.

The report said that Inksnation attempted to blunt allegations that it is operating a scan by posting testimonials on social media where people claiming to be Pinkoin investors confirmed that they received their monthly amounts. However, it must be noted that Ponzi schemes usually use testimonials to convince potential victims.

EFCC said in its notice that Sewanu is facing charges of obtaining an amount of 32 million Naira or $84,200 “by false pretenses, name dropping as well as fraud.” The alleged crypto scam mastermind reported received the funds “floating the online digital currency.”

Before EFCC’s fraud charges, Sewanu’s Inksnation team was already targeted by other Nigerian agencies. The Nigeria Securities and Exchange Commission’s (NSEC) already labeled Inksnation as an illegal operation while the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN) also said that Pinkoin is a scam.

Despite the NSEC warning, Inksnation still continued its operations. But EFCC’s recent notice will put pressure on Sewanu’s team as he, as well as his accomplices, will be facing possible criminal indictment.

A few days after EFCC’s notice, Inksnation’s website experience some issues. “Be informed!!! If you are experiencing difficulty logging in to your account or any other thing,” the company assured clients. “Do not worry, do not panic and do not start raising alarm. Before informed that website maintenance is ongoing, keep calm.”

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