A Washington pastor has been accused of orchestrating a Ponzi scheme disguised as a cryptocurrency investment platform called 'Solano Fi.' Promising investors returns of 40% per month, the pastor reportedly defrauded over 1,500 individuals, amassing approximately $5.9 million. Instead of investing the funds in cryptocurrency, the pastor pocketed the money and created fake account statements to deceive investors. This incident highlights ongoing concerns regarding fraud in the cryptocurrency sector, which has seen significant losses due to scams and hacks. In 2024 alone, the crypto market experienced losses totaling $3.01 billion, primarily from decentralized finance (DeFi) hacks and scams, with May being particularly devastating, accounting for $662 million in losses.