Cryptocurrencies

Pinkcoin founder wanted in Nigeria for financial crimes – Cryptocurrencies

His name is Omotade-Sparks Amos Sewanu. Known to his community as the Universal Daddy Ink (UDI), he is wanted by the Economic and Financial Crimes Commission of Nigeria (EFCC) for his role in Pinkcoin, a scam that resulted in the loss of more than 32,000,000 Naira (Nigerian Coins).


Financial Crime Law Enforcement Authority Takes Action

Wanted poster
source: EFCC

The face of Amos Sewanu aka Daddy Ink appeared at the top of the list of people wanted by the EFCC (Economic and Financial Crimes Commission). As you can see in the image above, the wanted notice is worded as follows:

“The public is hereby informed that Omotade-Sparks Amos Sewanu of Inksnation, whose photograph appears above, is wanted by the Commission des Crimes Economiques et Financiers (EFCC) in a fraud case in the amount of 32,000,000 of Nairas when he claims to circulate a cryptocurrency called pinkcoin. “

Yhenyen is both Senator and Secretary General of SiBAN (Stakeholders In Blockchain Technology Association of Nigeria), a Nigerian association focused on Blockchain. Reacting to our colleagues at BitcoinKE, he recalls that over time his association refused to welcome InksNation into its midst because questions raised about the legitimacy and sustainability of the project. “But our real concerns have been misinterpreted. We have been attacked ”, he continues.

He also believes that it is the responsibility of players in the crypto / blockchain space to invest in education and awareness. It is according to him “The best way to ensure community safety and investor protection.” “

Pub

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.

A project declared illegal by the S.E.C

This is not the first time that Pinkcoin has interested the Nigerian authorities. Already last June, the SEC (Securities and Exchanges Commission) warned the public about the illegality of products sold by InksNation (the company behind Pinkcoin). “Anyone dealing with said entity (InksNation) in any way does so at their own risk” – ddeclared the SEC.

InksNation’s activities are based on a model requiring members to recruit new members in order to receive a commission on their bets. Such schemes are not new in the crypto universe which, mixed with Relationship Marketing quite often gives a nice sauce inspired by ponzi scheme.

Very early in the same period, the SiBAN was also sounding the alarm bell by the voice of Senator Ihenyen who told BitcoinKE: “SiBAN will continue to educate and enlighten community members against illegal activities in this space. Hopefully people will listen before it is too late “. This statement followed the association’s refusal to join InksNation as a member if you remember the aforementioned comments by the same character.

Pub

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.

This umpteenth action by the Nigerian authorities shows that they did not put the matter in the closet. With the EFCC on his heels, everything suggests that the adventure of Universal Daddy and his famous Pinkcoin does not have too many days ahead of him. While the manhunt continues, we urge you to be careful as the scam is never far away!

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