Last updated on August 26th, 2022 at 04:00 pm
Five months after Nigeria’s Securities Exchange Commission (SEC) warned Nigerians to steer clear of Inksnation, the country’s anti-graft agency has finally declared the founder of a scam coin Inksnation wanted.
Omotade-Sparks Amos Sewanu through a CAC registered company Ibsmartify had floated an online digital currency called “Pinkoin“ where he advertised and recruited foot soldiers who brought in thousands of other investors.
They were promised more than 100% of their investment and that the dubious Pinkoin would help put an end to poverty among members.
Before the founder was declared wanted by Nigeria’s Economic and Financial Crimes Commission (EFCC), Omotade-Sparks Amos Sewanu had ignored the warning of the SEC while thousands of Nigerians continued to pump in more of their savings hoping to get back triple of their investments.
In one of our articles, InfomediaNG had outlined eight reasons Inksnation is a scam, there was backlash from investors who claimed the article was aimed at painting the Pinkoin in a bad light.
Omotade-Sparks Amos Sewanu had described Inksnation as the “World’s First Charitable Trust DAO”, banking on the growing popularity of cryptocurrencies in Nigeria.
In our earlier warning, we pointed out how Inksnation failed the test of the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN). SIBAN warned Nigerians, saying Inksnation’s purported crypto coin, pinkoin is a scam.
“Inksnation is not on any blockchain” while the scam’s purported blockchain, the Inksledger “is not public and may as well be inexistent,” SIBAN had written in its findings.
But warnings from SEC, SIBAN, and other Nigerians who perfectly understand the working of blockchain and coin went into deaf ears, desperate and greedy pinkoin investors centred their eyes on the questionable returns.
Omotade-Sparks Sewanu Leveraged on Nigeria’s Weak Legal System
In a country where laws are implemented to the letters, Inksnation founder would have been arrested immediately the Securities Exchange Commission labelled it as illegal.
But it seemed the news from SEC even gave the dubious platform more popularity among its intending investors as he continues to pay a few selected members, who later became its foot soldiers.
He posted more videos of Pinkoin on Twitter, Facebook, YouTube explaining how pinkoin works and how investors would be liberated.
It was gathered that he employed the services of a prominent Nigerian law firm, which specializes in blockchain and crypto law.
After the SEC and SIBAN warning, the CEO of iBSmartify followed up, assuring its members not to fear.
“This is the result of the SIBAN guys and we have been waiting for it. Fear not members and watch how Elohim JahGah will convert this to all-round blessings,” he said.
He continued to sell the scam as well as maintaining the followership interested despite the negative public warnings. WhatsApp and Telegram groups were created for members to get update and assurances from the founder.
On Inksnation website, he claimed that investors become eligible to receive a lifetime salary starting at $342 per month after subscribing for the bronze “living node.”
The bronze living node package, which requires a deposit of $3 (1000 Naira), which is cheapest while the “diamond living node” requires an investment of $3,000 for one to be guaranteed a lifetime salary of $857.
Pinkoin is a non-existent coin
Blockchain experts says the benefits which are paid out in pinkoin, the scam’s supposed reserve crypto coin doesn’t exist.
Nigeria’s Anti-Graft Agency Woke From Its Slumber
On Wednesday, November 11, 2020, the EFCC published his photo in one of Nigeria’s national dailies TheNation, where Omotade-Sparks Amos Sewan is declared wanted by the anti-graft agency. EFCC says he’s involved in series of financial frauds.
“The Public is hereby notified that Omotade-Sparks Amos Sewanu of Inksnation whose photograph appears above is wanted by the Economic and Financial Crimes Commission EFCC in a case bordering on obtaining by false pretence, names Dropping and Fraud to the tune of thirty Two million Naira Only (32,000,000) while claiming to have floated an online digital currency called “Pinkoin“.
Who is Omotade-Sparks Amos Sewa?
Sewanu is the founder of pinkoin and inksnation. He’s a native of Badagry in Lagos, he is about 1.6 metres in height, fair complexioned, dark hair, brown iris and dark eyebrow.
His last known address is No 19, Posukoh Quarters, Via Joseph Dosu way Badagry, Lagos state.
What’s the fate of Pinkoin investors?
They’ve all kept quiet in their various messaging group. Inksnation, pinkoin is one of the biggest cryptocurrency scams in Nigeria in recent times.
It is similar to Opaybinary investment which promised investors 2.2% daily interest before it folded up dubiously raking in millions of Naira from Nigerians. Some of us Inksnation investors are already counting their losses across Nigeria.