On the 30th of May 2019 a website Inksnation.io hit the Internet space and promised to help Nigerians and even the world with alleviation of poverty.
The launch of this website began to grow but before I proceed on this Investigation I will love to welcome you and also take you back to where the fraud started. Did I just mention fraud. Let’s see how it goes.
This has taken me months and months to investigate and it will definitely be a very long read, go get some pop corn, sit tight and let’s flow.
I think I should do an introduction of who I am, I was contacted by Nigerian base verification platform to do this Investigation and i have not social media presence, but for seek of feedbacks send a message on my newly created twitter account @Talknlive.
Before I continue, I will love to define some terms that will guide us all through this article in exposing the frauds and lies peddled in this Ponzi Scheme.
But before I do that, let me make it clear and point that reading this article is just to open your minds to realise the lies and fraud peddled in the Scheme.
Firstly, Let us define Cryptocurrency- A cryptocurrency is a new form of digital asset based on a network that is distributed across a large number of computers. This decentralized structure allows them to exist outside the control of governments and central authorities.
Having Define what Cryptocurrency is, let us define Blockchain- Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. I will definitely ask you to mark the word change in this definition, very important.
Furthermore, A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain
Blockchain is a type of Distributed Ledger Technology (DLT) in which transactions are recorded with an immutable cryptographic signature called a hash.
Let’s get to know one of the quality f Blockchain being that it is Decentralized– A Blockchain-enabled decentralized network operates on a peer to peer basis. Meaning that by storing data across its network, blockchain eliminates the risks that come with data being held centrally.
Now lets roll and dissect the Inksnation which I was called upon to Investigate.
Inksnation.io was first seen online on the 20th of June 2019 05:38:22 and I definitely have all the information on that website and I am going to be sharing with you shortly.
On it’s first launch, Here is the mottto: ” InksNation (One United Global Family) is a divinely inspired DBVN & Charitable Trust DAO put together for the universal benefits of humanity.”
“We pay Inks (Members) Monthly Universal Child Basic Income for the Promotion of Love, Oneness, Unity, Peace & Promotion of Equality in Wealth Distribution.”
Inksnation says it will pay every member monthly for promoting LOVE, ONENESS, UNITY, PEACE and PROMOTION of EQUALITY in Wealth Distribution.
The Website back then defined INKNATION to be just like Bitcoin and Fixed Exchange Rate systems.
WHAT IS INKSNATION – iBCash (Inks Blockchain Money) is the brain child of InksNation, it is a Decentralised (masses controlled, non-government imposed) type of money built on BLOCKCHAIN TECHNOLOGY just like Bitcoin which aims at countering the negative effects of Paper Money’s Strategic Global SCARCITY Monetary Policy which affects humanity badly. It is built on Strategic Global ABUNDANCE Monetary Policy and is therefore called The Philanthropic Money, Humanitarian Money or The Airtime of Money. iBCash is built on two types of FIXED EXCHANGE RATE SYSTEMS called Monetary Cooperation and Reserve Currency Standard which works best to value the user of the currency over the currency itself, making humanity the most important asset as the money circulates.
“We built a platform for The crypto Industry Starting with iBNaira we plan to migrate all forms of Paper Money into their Blockchain Forms with huge benefits attached.”
“As the world goes Cashless, having the right cashless ecosystem is important and necessary for human sustainability and survival. SCARCITY doesn’t Exist Under our Ecosystem.”
“Lets go cashless the best way, lets go cashless the Blockchain way, lets go cashless the iBCash Ways.”
Inksnation claimed their Initial coin offering will start in 93 days as at June 20th 2019 and 1 Etheruem which is $1000 will equal 3177.38 inksnation.
They also claim a mobile app which will be Available for Andriod and IOS will be available.
Inksnation Released the First Roadmap and Initial Coin Offering is out, which was laughable. Coin only available on the website.
Inksnation has always claimed it’s coin is decentralized, but of a truth it is not. We will all get to know about this.
I am just laying foundations.
Token already out with 43% for endusers.
On the website, Inksnation claimed, 18 Creative and Dedicated People created Inksnation with 125 Years of combined experience, 10 Years of blockchain experience. That’s okay.
Inksnation also claimed that Logan.S.Perez is the Chief Executive Officer.
Inksnation also had Advisors, which include:,
For Privacy purpose, we will be withholding the name of the guy who bought the PHP script and who design the Website. This is just an intro to the investigation I did on the giant Ponzi Scheme (Inksnation).
So from the Inksnation coin as it said that will be the naira, It migrated to IBNaira. Take a look as at December 2019. Does the inventor really know what blockchain is all about. Still let’s move.
It was now the organization started it’s massive scam, on their website the introduction now reads:
iBSmartify Nigeria invented the World’s First Philanthropic Blockchain (iBLedger) and the World’s First Charitable Trust DAO (InksNation) which can end poverty in any country in less than 9 months incentivising goodness, promoting love, unity, oneness, peace and equitable distribution of wealth.
Our Native coin is iBCash and in starting with Nigeria, iBNaira Cryptocurrency is the first token to be built on our iBLedger therefore we are on a mission to end poverty in Nigeria on or before August, 2020.
iBNaira will pay every single Nigerian including babies born everyday a minimum of N120,000 ($330) monthly for life as UCBI (Universal Child Basic Income).
On the website it’s reads that Inksnation is geared towards poverty eradication, Smart Urbanisation, Human Asset Development, Finance and Governance Services.
Then April 2020, The Pinkoin name surfaced, It that not wonderful, IBcash and IbNaira was now fully replaced to Pinkoin.
Haven given you this elaborate extensive introduction of what the Scheme starts for now lets move in into the lies and the scam.
When contacted on this, I was happy cause I am someone that loves Cryptocurrencies and the Blockchain network, I do wait for air drops and Smart contracts of new and advanced coins.
So someone contacted me on it and I was willing to get the Initial offering not until I discover it was a scam. Follow me through their Expose.
But before I start, I will love to tell you reading this that Inksnation is not on anything called Blockchain nor cyptocurrency am sorry that the bitter truth. What you all have is AUDIO MONEY.
So on the 17th of June 2020, 2:15 London Time, I plunged into the website inksnation and sign up for an account, that’s so interesting. Signing up an account for Blockchain.
So my sign up I was asked to pay a token of (1,000) Nigeria Money to the Account Number provided by the website which I did not quite long I received a mind blowing Email that I have gotten 2,640,000 equivalent to $6938.24.
Even if you are a small child and I buy you Caprisome and Gala and tell you that 1000 Naira = $3 will fetch you such huge amount of money with your common sense will you believe?.
See the Screenshot of the alert.
So After that I began doing some researches, I went to different coins markets and search for API’s all to no avail I couldn’t see the Pinkoin on any market or any means of exchanging. So I began following up as to what the game will look like.
Before I continue on the Exposure, Inksnation or Pinkoin lacks the peer to peer network that Blockchain as it has always claim to have.
Sometimes I wonder how people tend to be ignorant and allow greed to behoove them into believing such a criminal idea.
The Client Server Model Above is what Inksnation uses, meanwhile blockchain use Peer to Peer Network. Using this Analogy Insknation is centralized on their Server hosted on Amazon and whenever their is an issue on the server It will definitely crash.
Meanwhile to Any of you reading this article, I haven’t learnt anyday that Bitcoin, Ethereum went for Upgrade, I think that will be funny though but for the Inksnation, Upgrade has become frequent in order to re-stragize and keep the scam position alive.
Meanwhile a note jiffy to the inventors of Inksnation who we will be revealing, do they even know that the Website can be hacked, last time our team did a penetration testing on it. Blockchains are harldy hacked but Inksnation is built on purchasd PHP scripts and theme.
So back to where I stopped, After Registering and I uploaded my Pictures and my details, I was told to wait till August 12th for me to have access to the Coin and Subsequently withdraw the 2.6 Million Naira and immediately convert it to my country’s currency. smh.
As August 12th approaches, On the Telegram platform one evening, plans were suddenly changed that No one will have access to the 2.6 Million Naira Until the Inksnation clock 18 Million People which he refers to Living nodes. Then Inksnation was fast growing as Nigerians were people pushed with the lies of 2.6 million to register then up till this day.
Universal Daddy Ink, who is known as Amos Sewanu Omotade-Sparks now founder of Inksnation disclosed that members will have access to the to only 120,000 Naira but must provide 30% of the money before witjdrawal.
We keep following the telegram group, not long he announced that members must pay 200 Naira each to have access to their account, All accounts on the platform were marked unverified and Nigeria being greedy and ignorant rushed into making payments of 200 Naira to their account.
He disclosed that after payment, member should provide their payment codes which is auto generated by the payment platform used KOBOPAY.
We also made the payment to follow up the scam and investigation. here is our receipt.
We wondered why Inksnation will use such Business Name and Account to Accept Donation using Flutterwave.
Did we also forget to say that Desperate Nigerians also paid amounting to 50 Million Naira hence no Nigerian has received the 120,000 as promised by Inksnation.
Recently Amos Sewanu Omotade-Sparks announced that Inksnation will be using BVN to verify members and this will cost another 200 Naira, Desperate Nigerians also paid and now the website is down for upgrade.
Nigerians and the world reading this article Blockchain does not go for upgrade, blockchain are stable network peered to each other and not by server clients.
To those of you putting your BVN on Inksnation, I welcome you on board but this is just to let you know that we have been running serious investigation on inksnation and testing the site security, I have discovered It has been hacked from the backdoor.
Now when the site is hacked and the attacker get access to your BVN and Date of birth, phone number and other details you have uploaded on inksnation they will definitely mitigate with your bank and your account emptied.
INKSNATION IS A MAJOR SCAM THAT WILL NOT LAST LIKE OTHER PONZI SCHEME
We cannot just end this without listing the Inksnation major lies and deceptions.
Nigerians Inksnation does not have any reserve that can pay you 120,000 Naira monthly, Rather what they will do is collect 1000 from A, B, C, D, E , F, G up to Z and use it to pay A. I hope you understand the logic.
Even if when it gets to 18 Million members and every one contributes 1000 Naira each, 120,000 cannot get to everyone in the system.
This is just like every ponzi scheme that has come and gone in Nigeria, just like the recent MMM and Penny wise Investment.
Inksnation is not a blockchain nor a cryptocurrency rather a mere website to scam individuals. What Inksnation intends to do is to use crowd funding to raise money and then use the money buy goods and sell to its’s members but how many people will it get to.
Our Research on what Inksnation tried to do is Decentralized Borderless Voluntary Nation (DBVN) which is an open source movement that is providing a platform for people to become a citizen of any nation through a smartphone application. Inksnation will try to build a free market for governance services, However, this can often lead to violence, coercion, and conflict.
Other inventions like Pangea became plain on use of Ethereum peer to peer network, their white paper and even their light paper, they couldn’t get much people, Inksnation is using lies of uplifting people out of Poverty to thrive.
Meanwhile when we contacted Nigeria regulatory bodies about the Inksntion, they all released press statements of the SCAM.
The Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), went as far as to label Inksnation’s purported crypto coin, pinkoin a scam.
SIBAN says, “Inksnation is not on any blockchain” while the scam’s purported blockchain, the Inksledger “is not public and as well be inexistent.”
All we say be wise.