{"id":43455,"date":"2021-05-31T12:42:18","date_gmt":"2021-05-31T09:42:18","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=43455"},"modified":"2025-08-31T03:44:58","modified_gmt":"2025-08-31T00:44:58","slug":"nigeria-arrests-creator-of-pinkoin-cryptocurrency","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/nigeria-arrests-creator-of-pinkoin-cryptocurrency\/","title":{"rendered":"Nigeria arrests creator of Pinkoin cryptocurrency"},"content":{"rendered":"<p>Nigerian authorities arrested Omotade-Sparks Amos Sewanu, the founder of the largest pyramid scheme InksNation, whose activities caused losses exceeding 32 million naira (over $77,800). The information was released by the local Economic and Financial Crimes Commission (EFCC).<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">The Sokoto Zonal Office of the EFCC have arrested Omotade-Sparks Amos Sewanu, operator of the Inks Nation Ponzi Scheme.<br \/>\nThe suspect who had been at large, was finally arrested on Thursday May 27, 2021 and has made useful statement. <a href=\\\"https:\/\/t.co\/fw6w4ByUVU\\\">https:\/\/t.co\/fw6w4ByUVU<\/a><\/p>\n<p>\u2014 EFCC Nigeria (@officialEFCC) <a href=\\\"https:\/\/twitter.com\/officialEFCC\/status\/1399052427823824896?ref_src=twsrc%5Etfw\\\">May 30, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>According to the agency, since 2019 Sewanu urged Nigerians to invest in the digital currency Pinkoin he had created, promising several-fold profits.<\/p>\n<blockquote>\n<p>\u201cThe suspect allegedly promised to eradicate poverty in Nigeria within six months, paying every citizen 120,000 naira ($291) each month, including newborns,\u201d EFCC said.<\/p>\n<\/blockquote>\n<p>As part of the InksNation project, he issued the Pink Card payment card. To bolster trust in the company, Sewanu claimed to be a partner of the EFCC. He did not hold a licence to operate a financial institution.<\/p>\n<p>In the summer of 2020, the Nigerian Blockchain Technology Association classified Pinkoin as a Ponzi scheme. Sewanu had been on the run since November 2020.<\/p>\n<p>The suspect has been arrested pending trial.<\/p>\n<p>In March, the United States District Court for the Southern District of New York ordered Benjamin Reynolds, the operator of the bitcoin pyramid Control-Finance, <a href=\"https:\/\/forklog.com\/en\/news\/court-fines-bitcoin-pyramid-organiser-benjamin-reynolds-572-million\">to pay $143 million in restitution to clients<\/a> and $429 million in penalties.<\/p>\n<p>Follow ForkLog News on Telegram: <a href=\\\"https:\/\/t.me\/forklogfeed\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">ForkLog Feed<\/a> \u2014 the full news feed, <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">ForkLog<\/a> \u2014 the most important news, infographics and opinions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nigerian authorities arrested Omotade-Sparks Amos Sewanu, the founder of the InksNation pyramid scheme, whose activities caused losses of over 32 million naira (more than $77,800).<\/p>\n","protected":false},"author":1,"featured_media":43456,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1154,150,1163],"class_list":["post-43455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crimes","tag-nigeria","tag-ponzi-schemes"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/43455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=43455"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/43455\/revisions"}],"predecessor-version":[{"id":43457,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/43455\/revisions\/43457"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/43456"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=43455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=43455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=43455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}