LAHORE – Senior analyst Usman Shami has revealed detailed information about the ruling family’s loss of $100 million in cryptocurrency.
Speaking on Dunya News’ programme “Think Tank”, Usman Shami said this is not a recent development. Around two to three years ago, Ali Dar, son of Foreign Minister Ishaq Dar, launched a cryptocurrency project named Qoinnt. People invested money in it, and it also received funding from Dubai.
However, Shami said, the project failed to deliver the expected results and the coin crashed. To recover the losses, Ali Dar launched another coin called Planet, but this too failed and was dumped, he added.
In search of young supporters, he reached out to colleges but found little response, realising that the spirit of social work among youth is fading.
The analyst further revealed that major investors in these projects were prominent business figures and companies from the UAE. When their investments were lost, they took legal action, which led to the matter becoming public.
Usman Shami added that several journalist friends are now commenting on the story and questioning the source of the money, demanding a money trail.
He clarified that no money was sent from Pakistan for these projects—they were part of a business venture in Dubai. Now, investors are chasing Ali Dar, and the Dar family could face difficulties, though Ishaq Dar has no involvement in the matter.
Shami also noted that this case is being used to criticise Pakistan’s crypto initiatives unfairly.
“In fact, for the first time, Pakistan has outpaced India in certain areas of tech, particularly in crypto development. Critics are targeting individuals involved in Pakistan’s crypto progress due to ignorance,” he maintained.
He concluded by stating that those associated with crypto can attest that the progress made in Pakistan over the last few months surpasses what many countries have achieved in years. A few individuals are using Ali Dar’s personal actions to undermine the positive developments in the country’s crypto space.
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