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Adding fuel to the crypto news, fresh revelations have surfaced about a $100 million loss at the high level, tied to failed cryptocurrency projects initiated abroad by a Pakistani politician’s son.
The catch: it is tied to the ruling elite families of Pakistan and the UAE. In an exposé on Dunya News’ program “Think Tank,” senior analyst Usman Shami lifted the lid on a major cryptocurrency debacle, previously only hinted at by other journalists.
Nadeem Malik, another senior journalist, was the first to allude to the crypto scandal, however, he did not mention names while in talks with Miftah Ismail, the former Federal Minister of Finance.
Talking exclusively to TechJuice, Shami revealed details about the crypto project Quint and PLANET. Ali Dar, the son of Pakistan’s Deputy Prime Minister, Ishaq Dar, is reportedly behind two cryptocurrency coins that tanked. Quint, which was launched 2-3 years ago, received enthusiastic support from investors in the UAE, especially prominent businesses in Dubai. However, despite the initial hype, Quint failed to perform as expected, resulting in a significant drop in its value.
In a bid to recover, Ali Dar introduced a second coin named PLANET, which also failed to gain traction and was ultimately dumped, amplifying investor frustration. The fact that popular celebrities such as Lionel Messi promoting PLANET showed a level of trust for public to safely invest. Despite Messi’s promotion, the coin tanked pretty soon. And now, no one thought things would take another turn for the worst.
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.
“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.
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 the crypto sector.
And yes, Pakistan’s crypto scene is rapidly evolving, with over 20 million active users and growing interest among youth looking to hedge against inflation and explore digital assets. Despite progress, challenges like regulatory clarity and infrastructure gaps remain to ensure safety and security in the ecosystem.
