#Cryptocurrency Scam by Pastor#
Hot Topic Overview
Overview
Recently, a pastor named Francier Obando Pinillo in the United States was charged with orchestrating a cryptocurrency scam called “Solano Fi,” defrauding investors of millions of dollars. Pinillo assured his church congregation and other potential investors that Solano Fi was a “safe and secure investment,” promising a monthly return of 34.9%. However, prosecutors allege that Pinillo did not pledge investors' funds as promised, instead funneling their money into accounts controlled by himself and his accomplices. He also promoted the scheme on social media and offered referral bonuses to encourage more people to join, forming a structure similar to a Ponzi scheme. Currently, Pinillo faces 26 counts of fraud, with a maximum sentence of 20 years in prison.
Ace Hot Topic Analysis
Analysis
The U.S. Department of Justice has charged a pastor named Francier Obando Pinillo with orchestrating a cryptocurrency scam called "Solano Fi," defrauding investors of millions of dollars between November 2021 and October 2023. Pinillo assured his church congregation and other prospective investors that Solano Fi was a "safe and secure investment," promising a monthly return of 34.9%. However, Pinillo did not, as promised, stake investors' funds, but rather diverted their money to accounts controlled by himself and his co-conspirators. He also offered a 15% referral bonus to incentivize others to join Solano Fi, creating a Ponzi-like scheme and using new investors' funds to pay false profits to early participants. Pinillo's actions have been charged as 26 counts of fraud, carrying a maximum sentence of 20 years in prison if convicted. Previously, the U.S. Commodity Futures Trading Commission (CFTC) also sued Pinillo, accusing him of promoting a cryptocurrency Ponzi scheme to 1,500 people, including some churchgoers in Washington, claiming that the scheme raised $6 million.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
A pastor used his religious identity and the trust of his followers to carry out a cryptocurrency scam, attracting investors with fake projects and high returns, suspected of constituting a Ponzi scheme.
The pastor expanded the scale of the scam through social media promotion and referral reward mechanisms, using funds from new investors to pay fake profits to early participants.
The pastor is suspected of transferring investor funds to his personal account, not investing as promised, resulting in huge losses for investors.
This incident exposes the risks in the cryptocurrency investment field, reminding investors to carefully choose investment projects and avoid blindly believing high returns.