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Flaying linchpin of Nigerian crypto ponzi scheme captured – regulation bitcoin news


One of Nigeria’s biggest crypto ponzi schemes, the linchpin of Inoxnation, Omoted-Sparks Amos Sevanu has been put on hold. According to the Economic and Financial Crimes Commission of Nigeria (EFCC), Sevanu, who was fleeing, was apprehended in Sokoto, a city located in the northwest part of the country. Nevertheless, in its May 28 Twitter statement, the EFCC said it would later provide details on the occupation of Sevanu.

Flaying linchpin of Nigerian crypto ponzi scheme captured

End of run

Capture Inknation Creator comes months after the EFCC published a notice asking the Nigerian public for help in locating him. At the time of the notice’s issuance, the EFCC said it placed Sevanu on its wanted list for various offenses, including “name dropping and fraud.”

However, in addition to these allegations, the anti-corruption body also stated that Sevanu was desired to be involved in the manufacture and distribution of Pinkcoin, an elaborate Ponzi that has been packaged as a cryptocurrency. As before Reported By Bitcoin.com News, Sevanu’s Pinkcoin was already flagged by the Securities and Exchange Commission of Nigeria.

Meanwhile, Sevanu’s arrest may now trigger the collapse of a Ponzi scheme that has been dubbed by many in Nigeria’s crypto space as a scam. However, despite many warnings as well as occupying Sevanu, some supporters of Sevanu are still defending his “innovation”.

Flaying linchpin of Nigerian crypto ponzi scheme captured

Mixed response to Siwanu’s capture

For example, a Twitter user named Crown expressed his displeasure with what he saw as Nigeria’s habit of destroying useful innovations. In response to the EFCC’s tweet, Crown said:

I hate this country wholeheartedly… There is someone who brings good things that will benefit all of us and the stupid government calls cryptocurrency a ponzi….

However, most users applauded the EFCC for capturing Sevanu, while some are asking the anti-corruption body to go after other scammers who have similarly cheated thousands of people. Meanwhile, at the time of writing, the EFCC still had not shared details of the occupation.

What is your reaction when Siwanu is caught? Tell us what you think in the comments section below.

Image credit: Shutterstock, Pixabay, Vicky Commons

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