The Inksnation platform, which peaked in 2020, was one of the most well-known cryptocurrency-based Ponzi schemes in Nigeria at that period of time.  When it was first established, the platform was smeared with enticing commitments and plans that called for reducing poverty within the typical Nigerian population. Of course, this was an opportunity for everyone to jump on, especially those who were ignorant of the operations of such schemes and were yet to fall victims to them.

The Securities and Exchange Commission had already issued a warning in this regard and emphasized that anybody wishing to invest on the platform does so at their own risk. Although the SEC had issued a warning, while some individuals took heed to the warning,  a number of Nigerians nevertheless went ahead and invested in the Inksnation platform; the forum’s aftermath, however, was not a pleasant one.

What is Inksnation?

According to its pioneers, the platform Inksnation was developed with the intention of reducing poverty by giving its users pennies. The platform, which was established in 2020, has several Nigerians investing in it as a means to earn profit.

Amos Omotade Sewanu serves as the founder of Inksnation; he also goes by the alias “Universal Daddy K.” The platform was described by Sewanu as the first charity trust in the world that operates as a decentralized autonomous organization (DAO). It claimed that their intention is to provide each of their new customers with 120,000 Pinkoin every month for the rest of their lives to support their operation while also issuing yearly payouts of 4,000,000 NGN to Inksnation members. The Pinkoin, an InksLedger native coin, debuted on August 12th, 2020, with a price of $4,977.7389 per unit.

The site of the platform included a training video that shows users how to quickly register to become members and provides a detailed explanation of how the platform works; nevertheless, the majority of the content of the video consisted mostly of repetitions of previously discussed concepts.

There wasn’t any important information conveyed about the Inksnation platform, despite the video’s attempt to illustrate its alleged usage trends and revenue plan, except for a hazy description of how the platform was created to benefit humans, attributing a value of $800,000 to human life. These explanations seemed largely illogical and unintelligent.

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Inksnation Sign up

The Inksnation platform stipulates that, after registering, you can pay a fee of N1000 or N10,000 depending on the plan selected by your referrer (the person who enrolled you), who would then authenticate your account from his or her dashboard using their pincards.

As soon as you have completed the registration process, you are required to invite as many new users as you can to the platform. Having introduced them to the Inksnation platform, you now have the responsibility of activating their accounts from your own dashboard using your own pincard.

Your earnings come from the registration costs paid by every member who registers under you; these amounts are paid to you directly. The cycle keeps going in the same manner, with your newly invited members working to recruit their own new members to sign up for the platform so they can begin generating their own earnings.

Signing up on Inksnation is easy and straightforward. Here are the steps you need to follow:

• Go to their website which is now deactivated
• Click on the “Sign Up” button located on the top right corner of the page.
• You will be taken to a registration form. Fill in the required details such as username, pin,  password, and email address.
• Agree to the terms and conditions and click the “Sign Up” button to complete your registration.

Once you have successfully signed up, you can now start exploring Inksnation’s services and features.

Inksnation app

Along with the Inksnation website, where you may register and get more information about the platform, it also has a downloadable app on the Google Play Store. According to information on the official site, tasks are offered on the website in exchange for Pinkoin, the platform’s digital currency. The app also allows you to monitor your income and see when payments are made. The website also has a FAQ section, where it explains how the platform works in general.

Pinkoin Inksnation

The Pinkoin is a creation of Inksnation which guises under the company IBSmartify Nigeria. The Pinkoin is a blockchain-based digital asset designed to support Charities and Non-Profit organizations, and encourage community participation, according to the creators of the coin.

The coin is a  trustless currency that was created to provide users with a safe and secure way to carry out transactions on Inksnation. It is allegedly an open-source digital asset that can be used to buy, sell, and trade on the Inksnation platform. It serves majorly as a currency for the Inksnation platform, allowing users to buy, sell, and trade the coin with other users. Pinkoin also enables users to store their assets securely on the platform.

There were so many exaggerated promises and unrealistic proposals from the company. It claimed that through its PinKoin, it will pay every single Nigerian, African and Human being on earth including babies born every day a minimum of N120,000 ($330) monthly for life as UCBI (Universal Child Basic Income).

Is Inksnation real?

Having experienced some minor irregularities on the Inksnation, people have been curious about the legitimacy of the platform. The fact of the matter is, Inksnation is not an authorized online financial trading platform. Omotade Sparks Amos Sewanu, the mastermind of the Inksnation cryptocurrency scam, is wanted by the Economic and Financial Crimes Commission (EFCC), who is asking for the public’s assistance in finding him.

The EFCC wants Sewanu to answer to fraud allegations involving Pinkoin, the claimed crypto coin created by Inksnation, according to a notification that was published in the local media. There is no information about how Inksnation operates, brings in money, or divides revenues on the website. Furthermore, the token’s liquidity is questioned because it is not listed on any Nigerian cryptocurrency market.

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There are several reasons to believe that the platform isn’t a legitimate one and I wouldn’t recommend it for some of the reasons below.

• The website and platform have no known discernible owner or leadership team, asides Amos Sewanu
• There is no information on the Inksnation website on how the company operates, how it makes money, or how it shares revenues.
• The Inksnation website does not offer any reliable customer service or contact details.
• Multiple reports from users who have experienced difficulties withdrawing their funds from Inksnation.
• It doesn’t appear like Inksnation is registered with any financial regulators or holds any of the requisite licenses to function as an authorized platform for financial investments..

When is Inksnation resuming?

There are signs that the shady Inksnation is making a comeback, with a new theme called “The Lion’s Awakening.” As a result, you should tread carefully and spread awareness of the platform’s illicit activities to stop friends and family members from falling for the scam.

The platform is anticipated to resume operations soon and the new features will include a digital identity, PinkMoney, BlackMoney, WhiteMoney, RedMoney, Universal Basic Income Dollar, and more, according to an official announcement by the Inksnation DAO Foundation. Additionally, there is speculation that the platform will offer a global universal basic income and a digital identity NFT protocol that is independent of any particular blockchain.

Inksnation Login Forgot Password

If you have forgotten your Inksnation account password and you are unable to access your account, there are a few steps you can take to regain access.

First, visit their website and select the “Forgot Password?” link located at the bottom of the page. On the next page, enter your account email address and hit the “Reset Password” button.

Next, a link to reset your password will be sent to the email address you provided. Follow the link and enter your new password, then select the “Confirm” button. You will then be able to access your Inksnation account with the new password you have chosen.

Conclusion

In conclusion, it is important to be aware of Ponzi schemes like Inksnation. These schemes are designed to lure people in with the promise of high returns, but they can have disastrous long-term effects. Therefore, it is important to be aware of the risks associated with these schemes, and make sure to do your research before investing in any type of high-risk venture. It is also important to be aware of the warning signs of Ponzi schemes, so that you can avoid them and protect yourself from financial loss.

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