Adding fuel to the crypto news, fresh revelations have surfaced about a high-level $100 million loss tied to failed cryptocurrency projects initiated abroad. The catch: it is all tied to the ruling parties of the country.
Launched around two to three years ago, two separate crypto ventures, backed by a politically connected figure, initially attracted significant investment from the UAE and other international circles. The first project, Qoinnt, hyped as a promising coin collapsed under its own weight. A second token, Planet, was quickly introduced in a desperate bid to recover losses, but it too suffered a rapid downfall.
Insiders say efforts were made to court young adopters through outreach to universities, but the response was lukewarm. With the projects crumbling, major investors and wealthy business figures pursued legal action, bringing the entire saga into the public spotlight.
Interestingly, no funds were reportedly transferred from Pakistan itself. The ventures were rooted in Dubai, making them subject to international financial scrutiny. Journalists have since begun questioning the origin of the investments, seeking a money trail that remains murky.
The scandal was first broken by senior analyst Usman Shami, who shared the details on Dunya News’ programme “Think Tank.”
“In fact, for the first time, Pakistan has outpaced India in certain areas of tech, particularly in crypto development,” he said while explaining his findings.
This cannot be far from the truth. In South Asia, Pakistan is among the top adopters globally, launching government-backed blockchain pilots, and seeing a surge in youth-led Web3 startups. Shami maintained that a few influential figures cannot tarnish the overall progress Pakistan is making in crypto.