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Fleeing Lynchpin of Nigerian Crypto Ponzi Scheme Inksnation Captured – Regulation Bitcoin News

The lynchpin of Inksnation, one of Nigeria’s biggest crypto Ponzi Schemes, Omotade-Sparks Amos Sewanu, has been captured. According to Nigeria’s Economic and Financial Crime Commission (EFCC), Sewanu, who was on the run, was nabbed in Sokoto, a city located in the northwest part of the country. Still, in its May 28 Twitter statement, the EFCC said it would provide details on Sewanu’s capture later.

Fleeing Lynchpin of Nigerian Crypto Ponzi Scheme Inksnation Captured

End of the Run

The capture of the Inksnation creator comes a few months after the EFCC’s publication of a notice that asked for the Nigerian public’s help in locating him. At the time of the notice’s release, EFCC said it placed Sewanu on its wanted list for various offences which included “name dropping and fraud.”

However, in addition to these charges, the anti-graft body also said Sewanu was wanted for his involvement in the creation as well as the distribution of the Pinkcoin, an elaborate Ponzi that is packaged as a cryptocurrency. As previously reported by Bitcoin.com News, Sewanu’s Pinkcoin had already been flagged by Nigeria’s Securities and Exchange Commission.

Meanwhile, Sewanu’s arrest is now likely to trigger the collapse of a Ponzi scheme that many in Nigeria’s crypto space labelled a scam. However, despite the many warnings as well as the capture of Sewanu, few supporters of Sewanu are still defending his “innovation.”

Fleeing Lynchpin of Nigerian Crypto Ponzi Scheme Inksnation Captured

Mixed Reaction to Sewanu’s Capture

For instance, one Twitter user named Crown expresses their exasperation with what he sees as Nigeria’s knack for destroying useful innovations. In a reply to the EFCC’s tweet, Crown said:

I just hate this country with all my heart… Someone who brings good thing that will benefit us all and stupid government says cryptocurrency a Ponzi….

However, the majority of users commended the EFCC for capturing Sewanu while some are asking the anti-graft body to go after other scammers that have similarly defrauded thousands of people. Meanwhile, at the time of writing, the EFCC had still not shared details of the capture.

What is your reaction to Sewanu’s capture? Tell us what you think in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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