Topic: Nigerian SEC warns about iBSmartify investment (Read 372 times)

This warnings from official institutions are usually last call or even too late to help.
Own research is king here, do it before some slow agency will do it for you coz it can be too late.

You already did your part to warned your friend about the looming scam that might happen to her. I think you did everything in your capacity to help here save that precious money that the scammers will steal from her.

As far as this case goes, it really's a scam, we know though that Nigerian government is corrupted so I'm not sure if they care or just doing their job to warn their people. At least when this project exit scam, they can say "I told you so". 

There's a good chance that I'm just a person from the West that doesn't understand reality, but my idea of Nigerian governmental institutions is corruption and other crimes done by people in power. If that's not the case and Nigerian SEC is legit and really guaranteeing that no scam gets official 'green light', then it's great. I'm not saying that iBSmartify is legit, I'm just saying that not being regulated in Nigeria is probably not a big argument pro or against trustworthiness.
Now to the project itself. Google reviews of this project are very positive, but this could of course be bought. Their promises of urbanization and eradication of poverty sound great, but again might not be what it's really about. They are an NGO which is usually a good thing. It's probably a scam, but IMO not necessarily. I would not risk investing though.

I hope people will hear, after all their experience with TBC and the likes i hope they will ask questions before jumping in this project, just few days ago I was talking to a colleague of mine and she mentioned a new investment platform called yellow page or app i can't remember,  apparently they are helping investor's to get some percentage of their investment every 2-3 days, it sounds fishy and I told her to be careful it might be a scam but she insisted they are legit so I keep my mouth shut 
Waiting for disaster to happen 

I am not surprised that more and more project scams are in circulation today, because scammers utilize greedy and poor people.
And this is done by IBSmartify Nigeria, they try to offer investments with rewards of 2% daily and 75% monthly. With an offer of
rewards of that size, there is no need to conduct an investigation. I am very confident that the project is scams.

These types of platform hinders Bitcoin adoption that's why still many people eludes it because the risk of getting scammed is high. But the blame is on the Nigerian people for just recklessly putting money in things they dont actually know without knowing that it might be a pyramid scheme.
Investors should be smart and know what to do when obvious schemes like this happens.

I knew these guys were up to no good the day they announced publicly on Twitter that they would 'magically' end poverty in Nigeria.  Talk is cheap.  Also, They started some sort of registration where users have to pay for debit cards and  account creation amongst other things. That was a red flag. A couple of my friends got involved despite my warnings to stay off it.  

I wouldn't blame Nigerians much for jumping on every ponzi schemes but then, Its important to know that nothing good comes that easy and there's no quick route to make easy money.

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By the way, InkNation aka IBSmartify has since resolved to conducting a token sale. So much for helping the government raise ~ $800 billion. If they manage to get some money from unsuspecting users, they won't hesitate to exit scam.

Many people have lost a lot by investing in new tokens. I never want to invest my money in an uncertain place. There are many trusted tokens like Bitcoin, Ethereum, Bitcoin Cash. New tokens are also more likely to be scammed in many areas.

Glad to see the regulatory bodies of countries now stepping in to directly warn about crypto investments.

If the US Securities and Exchange Commission had done this a couple years ago thousands of people could have been saved from getting rekt investing in ICO tokens that were doomed to fail.

I'd like to see more like this coming from other countries too.

Scams or ponzi schemes are not new to any Nigeria since the days of MMM, but the problem with us is the lack of trust towards the government. We tend to  trust random individuals who claim to be Blockchain experts or advisors. Those guys or fellows understand the weak-pont of every Nigeria that we need money to Carter for our needs. That, the government no longer care about her citizens and her citizens are feedup with their fake promises, so, everyone tends to fight for their lives.

In 2018, I went to Valencia Hotel at Wuse in Abuja when one lady invited someone from Libya to lecture us about a new project, after the lectures, they requested us to enrol with #60k -200k. But unfortunately, many of my friends did enrolled. I insisted that they're fraudsters but none could understand and they went with their investment money without any project in place. For security reasons; if you can understand this name:: Love***, then you should understand my point. She's popular among cryptocurrency submits mostly in Abuja FCT Nigeria.

 During the lectures, they gave all participants some notes written by lawyers in defence, if eventually the project disappear, many foolishly accepted this and proceeded for payment in the process. It seem those guys are using something like jarzzzzzzz!.

NB.
Nobody care about your warnings accept their minds are not made-up for the journey, Nigerians are very much difficult to warn.

A system that doesn't care for the people always allow things like that even when people in the authority know about it. In certain case, it is a collaboration between people in government and those scammers even behind the president, head of state or whatever name of the head of the government. The etheruem thing is like back in time when the forex business came up and some people started getting others to invest with them without having knowledge what they are investing on and at the end it was all scam like mmm and others that have networked people into cage and exited with their money.

The primary aim of government is to project and secure the people including investment but if any thing is allowed to happen because some people have collected money somewhere and start to work to make illegality as legal, this is the beginning of failure and resultant confusion and set back.

And according to their website: - https://inksnation.io/pinkoin/


Just wow, that's for life and even babies that are not born yet are going to assured to receives money from this project. 

It is a form of ponzi scheme created just like many of them that have failed in Nigeria. The program was made popular in the country when it trended early this year on Twitter NG. It is also important that all Nigerian take note of this and stop them from defrauding Nigerians and to avoid such statements that term crypto as a scam because that is what most people say in Nigeria when they participate in program that offer to paying in crypto but later defraud them

The lost faith and inflation (although from what I've seen is not that bad in Nigeria) are the triggers for a lot of people to try their luck in these schemes.
In the '90s there were a lot of those schemes operating in Eastern Europe with Romania and Russia leading the pack, promising high rewards, and the moment was pretty favorable, sky-high inflation, people were seeing their money losing value each week so they suddenly felt attracted by these schemes which long terms proved disastrous.

The bad part is that those schemes now tend to become more and more elaborate, hiding behind real companies and taking advantages of the trends, some might even lunk below the radar with simple promises of lower returns, and thus keeping the company alive even more, like Maddof did for almost 40 years, and gaining reputation but 5% or 500% is still a ponzi.
And people who continuously advertise BTC gains, talking every day about the 100 million pizza are not helping either, newbies to crypto feel like as long as you invest and hold every damn project will return you x10 or x100 money, there is no way of losing.


Unfortunately, this never happens, people who actually try to check a project for legitimacy with the authorities are people who would have never invested in such scams, those schemes pray for the gullible who usually never check or are that desperate or brainwashed that they will trust more the scammers than others because they want those promises to be true.
Unless the authorities take real action and flood every news with reports about these scams, showing what is left after with people losing their money and all the drama that comes from there nothing will stop these.



Actually, in this case, it might be better to leave it here to raise awareness.
People are not reading that board until its too late.

That's totally a scam. Well, sadly there will be people that would be gullible with that promised profits. 2% daily and 75% monthly and don't forget about the "lifetime".

Someone who doesn't have knowledge determining and identifying how a scam looks like will believe that guaranteed profits. As for the new investors, it's a good style to check first the SEC of your local government if there's already a reminder if, by no means, you don't know how to check.

They might not lie, if their slogan is " "POVERTY ERADICATION PROGRAM!!!" --- They are taking from their victims and eradicating their own poverty.  

Red flags should have already been raised when you saw the 2% interest per day and also that some Nigerians were behind this. We know Nigeria are one of the countries globally with the most scammers. -- https://www.wonderslist.com/countries-highest-number-scammers/

The Nigerian prince email scams still rake in over $700,000 a year according to this article : https://www.cnbc.com/2019/04/18/nigerian-prince-scams-still-rake-in-over-700000-dollars-a-year.html

Many are turning to crypto because of the epidemic At this tim, newcomers are the target of Nigerians They are deceived because they do not have enough knowledge about crypto. However if Nigerians work well against the scam by connecting with various services to improve their organization the risk will be less Yet it is better for us to act with caution as Nigerians are scammed.

So the "Nigerian Prince" has stepped up his game to cryptos? It´s good news though that the local SEC works hard against this scam artist to rectify their countries reputation. The country would have so much potential, hope there will be more good news from there in the future!

Should we move this to the Scam Accusations section since we are discussing about this company being a scam according to the Nigerian SEC?

The bad thing about these scams is that they are targeting mostly newbies who will fall victim into the hands of these scammers? And early birds who are risk takers are absolutely winning and make newbies cry in getting their money back.

Until now, ponzi schemes are still coming and going where they target mostly newbies to invest their hard-earned money and ended up getting scammed.

Even with the pandemic we are into right now, scammers like this has no conscious at all as long they can runaway the money of the people, they don't care at all. In our country, there is a smart contract investment using Ethereum that everyone are investing in right now and only people has no knowledge on crypto are joining without doing research first. That investment already reprimanded by SEC, yet people who joined are keep blinding and denying that its not a ponzi scheme. Hope they will realize that just couple of months it will be gone sooner as expected and regrets will always be in the end.

This is just a tip of the iceberg as there are many other scams operating in their numbers in the country hiding under the radar, defrauding thousands of Nigeria and soiling the Bitcoin (cryptocurrency) reputable in the country. The worst part is new ones (scams) get introduced almost weekly. The issue now is most citizens have lost trust in the government which make it hard for them to adhere to the advice of the government (SEC) which cost them heavily.

The average Nigerian thinks engaging themselves in bitcoin and cryptocurrency business entitle them to quick money since that's what the so called crypto advocates teaches at the seminars they organized to decieve gullible citizens into patronizing the scams they're promoting. That's why this scams gets lots of patronizers.

Here's a reply of mine on a thread identifying some scams leveraging on the cryptocurrency hype to defraud Nigerians and just as I stated there, we lack enlightenment in the country which is something that has to be addressed quickly.

It's one of those typical scams. The fact that people still actually fall for such scams even after so much publicity concerning these types of scams is just enough proof that we need an internet security subject in schools.

Why would anyone believe to invest in another useless token if we have bitcoin? If we were going to eradicate poverty, then the first thing we must do is to provide entreprenurial opportunities and providing education that will increase the financial I.Q of every people, not a ponzi scheme where a useless token founded by the name called "Daddy Ink" is their product.

And looking at their Facebook page here:





It's really a scam, 2% daily and 75% monthly? LOL.

And their slogan? "POVERTY ERADICATION PROGRAM!!!"  

Re: Activities Of An Illegal Operator IBSmartify Nigeria


https://sec.gov.ng/re-activities-of-an-illegal-operator-ibsmartify-nigeria/

For our Nigerian crypto enthusiast out there, just be careful of this iBSmartify, they are not registered to Nigerian SEC so chances are, the people behind can pull a exit scam and then BOOM, all your money gone.