This article intends to expose the lies and secrets of Inksnation and help Nigerians understand the scheme is not only a scam but that they are being manipulated as well. Take your time and read through, then believe what you want to believe.

iBSmartify Nigeria claims it invented the World’s First Philanthropic Blockchain (InksLedger) and the World’s First Charitable Trust DAO (InksNation) which can end poverty in any country in less than 9 months incentivizing goodness, promoting love, unity, oneness, peace and equitable distribution of wealth.

The claims went further to the invention of the world’s first Reserve Cryptocurrency called PinKoin, Africa’s first QR Debit Card called PinKard and lots more. These were the promises Nigerians saw and got attracted to Inksnation.

When Did Inksnation Start?

The Inksnation website Inksnation.io hit the Internet space on the 30th of May 2019 and promised to help Nigerians and even the world with the alleviation of poverty.

The launch of this website began to grow but before I proceed with this Investigation, let’s take you back to where the fraud started.

Is Inksnation A Ponzi Scheme?

Before we proceed, we would love to me make it clear at this point that this article is meant to serve as an eye-opener and help you realize the lies and fraud peddled in the Scheme.

Another Tori4Town: Omotade-Sparks, InksNation Founder Declared Wanted By EFCC

Let us start with some definitions.

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.

Blockchain – Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. 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.

 

One of the qualities of Blockchain is its Decentralized nature. 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 let’s dive into the activities of Inksnation.

Inksnation.io was first seen online on the 20th of June 2019 05:38:22 and we definitely have all the information on that website which we shall be sharing with you shortly.

On its 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 brainchild 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.”

“Let’s go cashless the best way, let’s go cashless the Blockchain way, let’s go cashless the iBCash Ways.”

Inksnation claimed their Initial coin offering will start in 93 days as of 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 Coin

Inksnation has always claimed its 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 end-users.

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 purposes, we will be withholding the name of the guy who bought the PHP script and designed the Website.

InksNation Is Same As IBNaira

So from the Inksnation coin as it said that will be the naira, It migrated to IBNaira. Take a look as of December 2019. Does the inventor really know what blockchain is all about? Still, let’s move.

It was when the organization started its a massive scam, the information on the website was change to:

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 incentivizing 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 every day a minimum of N120,000 ($330) monthly for life as UCBI (Universal Child Basic Income).

Another Tori4Town: Inksnation Market Will Succeed As Planned – UDI

On the website, it reads that Inksnation is geared towards poverty eradication, Smart Urbanisation, Human Asset Development, Finance, and Governance Services.

The Expose – Inksnation Is Not Blockchain Related

The first secret of Inksnation

Inksnation or Pinkoin lacks the peer to peer network that Blockchain as it has always claim to have.

The Client-Server Model Above is what Inksnation uses, meanwhile blockchain uses Peer to Peer Network. Using this Analogy Insknation is centralized on their Server hosted on Amazon and whenever there is an issue on the server It will definitely crash.

This is the sole reason why the upgrade is a frequent occurrence in Inksnation in order to re-strategize and keep the scam position alive. If in doubt then ask yourself, have you ever heard of upgrade on the Bitcoin or Etherum and other blockchains?

Fortron Smart contract ended version one just because of a single mistake in the line of code and to correct this, began version two afresh which is now running. It was not upgraded.

Inksnation is built PHP scripts and theme which was purchased online and so, does not run on a blockchain, neither is it blockchain-related. Blockchains are hardly hacked but the last time our team did penetration testing on it, it can be easily hacked.

How Pinkoin Was Introduced

April 2020, the Pinkoin surfaced. Is that not wonderful? IBcash and IbNaira were now fully replaced by Pinkoin.

Haven given you this elaborate extensive introduction on how and where the Inksnation scheme started, let’s move on to the next level which is the lies and the scam.

The Lies And Secrets Of Inksnation

Before we continue, we would love to tell you that Inksnation is not and does not have anything to do with Blockchain nor any cryptocurrency. What you all have is an “AUDIO MONEY”. More liers and secrets of Inksnation will keep you bewildered

Henceforth, the report is going to be a first-person narrative for easy understanding.

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.

So After that, I began doing some researches, I went to different coin markets and search for API but 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.

After Registering and I uploaded my Picture and updated 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.

As August 12th approached, on the Telegram platform one evening, plans were suddenly changed by the founder of Inksnation Amos Sewanu Omotade-Sparks aka Universal Daddy Ink, UDI that No one will have access to the 2.6 Million Naira Until Inksnation clocks 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.

First KoboPay Verification

Universal Daddy Ink, disclosed that members will have access to only 120,000 Naira but must provide 30% of the money before the withdrawal.

We kept 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 Nigerian being ignorant rushed into making payments of 200 Naira to their account.

UDI further disclosed that after payment, members should provide their payment codes which are auto-generated by the payment platform used which is KOBOPAY.

We also made the payment to follow up the scam and investigation. here is our receipt.

After Series of payments were made to Inksnation, Inksnation stopped the verification payment fee after gathering lots of money the verification code was not used anymore to verify members. (as at that time, Inksnation has 1.6 Million Members). Assuming 500,000 Members made the payment, that should be a whooping 100,000,000 Million Naira.

August 12 – Inksnation Members Fail To Withdraw Money

August 12th came and people were not able to withdraw their funds and even those who were able to get money in Lagos Nigeria, it was 4,000 Naira paid to them. Not long the website crashed and they ran for Upgrade. We tracked some Inksnation social media groups and observed Nigerians lamenting that they were not able to get the money inksnation promised them.

After a little while, the website came back with a series of extensions attached to the main one, .biz, .net, and .com. Inksnation continued to peddle the lies of lifting Nigerians out of poverty and providing jobs for them and we know that in Nigeria, the poverty rate is alarming and this made the scam more effective.

InksNation Donation

Not long again, Inksnation introduced donation, the blockbuster. Amos Sewanu Omotade-Sparks asked desperate Nigerians, many of whom have not benefited from the scheme to pay 1000 Naira each and exchangers to pay 10,000 Naira each to support the Inksnation project of purchasing a microfinance bank, but see what we discovered.

After we made the payment using our Naira Card we discovered, Inksnation is using the name ALPHA WIDOWS EMPOWERMENT MINISTRY” to collect to payment.

See receipt below.

We wondered why Inksnation will use such a Business Name and Account to Accept Donations using Flutterwave.

Desperate Nigerians paid the money and the total amount donated amounted to 50 Million Naira. Yet, no Nigerian has received the 120,000 as promised by Inksnation.

Inksnation To Commence BVN Verification

Recently Amos Sewanu Omotade-Sparks announced that Inksnation will be using BVN to verify members and this will cost another 200 Naira after initially verifying members using the Inksnation verification system.

Desperate Nigerians are also paying and now the website is down for an upgrade. This is just a lie and another secret of Inksnation to obtain money from Nigerians by false pretense

Nigerians and the world reading this article Blockchain does not go for an upgrade, blockchain is a 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 SCAM!

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. 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.

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.

SIBAN says, “Inksnation is not on any blockchain” while the scam’s purported blockchain, the Inksledger “is not public and as well be inexistent.”

Nigeria Securities Commission has also warned about the Ponzi Scheme.

This post was sent in from Talknlive.