Don’t invest in Punisher coin, SEC warns Nigerians


*Says issuers not registered

THE Securities and Exchange Commission, SEC, has warned Nigerians against investing in Punisher Coin, also known as Spun.

The commission said its investigations showed that Spun was a meme coin, adding that its promoters or issuers were not registered to operate in any capacity in the Nigerian capital market.

The SEC, which noted that meme coins had no use case, value or projects backing them, said:  “The attention of the Securities and Exchange Commission (“The Commission”) has been drawn to several online publications advertising an unauthorized presale of Crypto coin termed ‘PUNISHER COIN’ aka ‘SPUN’,” the statement reads. 

“The Commission hereby informs the public that the promoters or issuers of “PUNISHER COIN” aka “SPUN” are NOT REGISTERED to operate in any capacity in the Nigerian Capital Market, and also PUNISHER COIN ($PUN) is not approved by the Commission for issuance to the public.

“Preliminary investigations revealed that PUNISHER COIN ($PUN) is a Meme coin. Meme coins generally have no use case, intrinsic value or tangible projects backing them.

“Any attributed value to meme coin is usually linked to its promoters or the community effort which most often than not are susceptible to pump and dump schemes (a form of fraudulent activity that involves promoters spreading false or misleading information to create a buying frenzy that “pumps” up the price of a ‘coin’ and then “dumps” the coin by selling their own coins at the inflated price.”

It said once the promoters dump their coins and stops hype, the coin’s price “typically falls and investors lose money”

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