Samson Echenim 
As fraudsters continue to chun out many cryptocurrency coins and tokens just to scam investors, the Securities and Exchange Commission (SEC) has warned Nigerians against investing in Punisher Coin ($PUN), a new cryptocurrency reportedly doing its presale at the moment.
In a statement, SEC hinted that the presale was unauthorised and lacked regulatory approval, making it to look like a scam coin or Ponzi scheme.
The Commission warned that the promoters of $PUN are not registered to operate in Nigeria’s capital market.
“Our attention has been drawn to online promotions of an unauthorised presale for a cryptocurrency called PUNISHER COIN, also known as $PUN. Of particular concern is an article by Daily Trust E-Paper titled: ‘Cryptos to Buy: Why Punisher Coin Could Join Avalanche and Chainlink,” SEC warned.
According to investigations by The Nigerian Economy, Punisher Coin is a meme coin — a type of digital asset often lacking tangible utility or a supporting project. Meme coins are largely driven by community hype and acceptance. Such community vibe can wane at any time, making investors to lose big.
This makes them vulnerable to ‘pump and dump’ schemes — fraudulent tactics used to inflate and then crash a coin’s market price. In such schemes, promoters spread false hype, creating buying pressure, then sell off their holdings at the peak, leaving others with losses.
“The public is therefore strongly warned against participating in the presale of Punisher Coin, as any investment is entirely at one’s own risk. The Commission urges investors to verify the legitimacy of any digital asset, its promoters, and platforms before committing funds.”
Verification can be done via SEC’s official portal:
