Fresh revelations have added fuel to the ongoing crypto discourse, uncovering a staggering $100 million loss tied to failed cryptocurrency ventures allegedly linked to the ruling elite families of Pakistan and the UAE.
In an eye-opening exposé aired on Dunya News’ program “Think Tank,” renowned senior analyst Usman Shami unveiled shocking details surrounding a crypto scandal that had previously only been hinted at by other journalists.
Nadeem Malik, another senior journalist, was among the first to point toward the controversy during a discussion with Miftah Ismail, Pakistan’s former Federal Minister of Finance. However, Malik refrained from naming any individuals at that time.
In an exclusive conversation with TechJuice, Shami revealed the names of two failed crypto projects—Quint and PLANET—allegedly spearheaded by Ali Dar, the son of Pakistan’s Deputy Prime Minister, Ishaq Dar.
The Rise and Fall of Quint and PLANET
Quint, launched approximately 2 to 3 years ago, initially received enthusiastic backing from investors in the UAE, particularly from high-profile Dubai-based businesses. The project created substantial hype and drew significant investments. However, it failed to deliver on its promises, leading to a sharp decline in value and major investor losses.
In an effort to recover from the setbacks of Quint, Ali Dar introduced a second coin—PLANET. Despite efforts to revive investor confidence, PLANET also failed to gain market traction and was eventually abandoned, deepening investor frustration.
What made the situation more controversial was the promotion of PLANET by global football star Lionel Messi, which led the public to perceive the project as trustworthy. Nevertheless, the coin crashed shortly after launch, highlighting the volatility and unpredictability of celebrity-backed digital assets.
International Dimensions and Financial Scrutiny
Interestingly, according to reports, no funds were directly moved from Pakistan. The entire venture was operated from Dubai, bringing the matter under international financial oversight. The origin of the investments remains unclear, prompting journalists and analysts to dig deeper into the murky money trail.
Pakistan's Broader Crypto Landscape
Despite the scandal, Shami emphasized that the actions of a few elite individuals should not undermine Pakistan's progress in the crypto space. He pointed out that Pakistan has outpaced India in certain aspects of tech, particularly in cryptocurrency development.
Indeed, Pakistan ranks among the top global adopters of crypto in South Asia, with numerous government-backed blockchain pilots and a surge of youth-led Web3 startups making waves both locally and internationally.
Shami concluded by stating that the overall crypto ecosystem in Pakistan remains promising, and that such high-profile failures, while damaging, should not overshadow the legitimate innovations and progress
the country is achieving.
