Founder of Illegal Crypto Project, Pinkoin, Arrested by Economic and Financial Crimes Commission of Nigeria

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The founder of the illegal Nigerian crypto project, Pinkoin, has finally been arrested by authorities after almost one year on the run.

Pinkoin is reported to have defrauded over $80, 000 by claiming to offer a cryptocurrency to solve poverty in Nigeria.

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SEE ALSOSEC Nigeria Flags Pinkoin and InksNation Blockchain Projects as Illegal, Days after SiBAN Nigeria Calls the Project a Scam

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The Economic and Financial Crimes Commission of Nigeria (EFCC) announced the arrest on its Twitter handle bringing an end to months of tracking Mr. Amos Omotade.

The Securities and Exchange Commission of Nigeria (SEC Nigeria) and the Stakeholders in Blockchain Association of Nigeria (SiBAN) had put out cautionary statements back in June 2020 warning about the project.

Sources close to BitKE informed that A&D Forensics, which recently partnered with Chainalysis, the worlds largest blockchain forensics firm, informed SEC Nigeria which led to the Pinkoin project getting blacklisted.

Before his arrest, Mr. Amos was on EFCC’s list of ‘the most wanted persons.’

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