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EFCC Places Suspected Crypto Scammer On Wanted List

The law enforcement body in Nigeria, the Economic and financial crimes commission, has announced that it has placed an individual suspected to be the mastermind of a large crypto scam on its wanted list. According to the law enforcement agency, the suspect in question, Omotade Sparks Amos Sewanu, is the ringleader and the mastermind of the Inksnation Crypto Scam.

In its statement, the agency has asked Sewannu to respond to the scam allegations against his platform, especially regarding the native token of his Inksnation platform, Pinkoin. The file that was released by the authorities showed that the Inksnation scam was very rampant before the country went into a much-needed lockdown due to the coronavirus pandemic.

The Inksnation platform has scammed thousands of Nigerians

The platform, Inksnation, was said to have scammed thousands of unsuspecting Nigerians of their hard-earned money after promising them a massive lifetime income according to the amount that they invest on the platform. Investors were offered five different plans, which detailed the amount they were going to invest, the amount they would earn every month, and the amount they would earn all together.

With each investment package came a different salary, the authorities said. In the information that was gotten from the platform, investors on the platform would receive their respective salaries in the Pinkoin token when they were due for payment. However, investors started to suspect not quite long after discovering that the crypto in question, Pinkoin, was not listed on any exchange operating across the country.

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Despite the shocking revelations, the criminal still went on to post proofs allegedly shared by some previous investors on the platform. Some of them claimed that they were still receiving their monthly payments as promised by the platform. One thing that is synonymous with schemes like this is the fake testimonials of how legit the platform or website is. The testimonials are always used to disclaim any news that the platform is fake or entice potential investors that have not made up their minds.

Scam website releases update days after wanted publication

In the public notice that was released by the EFCC, if the perpetrator is eventually apprehended, he will be charged for obtaining under pretenses, fraud charges, and name dropping charges. According to the authorities, Sewanu received nothing less than $84,200, which is equivalent to 32 million naira, while he was in charge of the fake website. With the charge against the mastermind, Nigeria seems to be escalating its fight against the platform.

This news is coming after the security and exchange commission of Nigeria labeled the platform as a scam. Also, the Blockchain technology association of Nigeria has released a statement and has branded the pinkoin token a fraud. Despite the warnings from both entities, the Inksnation didn’t stop its illegal activities as it continued to ask unsuspecting Nigerians to invest their funds on the platform.

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However, the EFCC publication creates more awareness as Sewanu and his accomplices will be looking at possible jail time. Two days after the EFCC notice, the Inksnation platform was still live and released an official message via its Twitter handle. The platform asked users who were experiencing difficulties to be calm as maintenance was ongoing on the platform.


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Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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