HomesCNL has disclosed their CNL token exit scam after first suspending withdrawals and then limiting them.
Early in July, HomesCNL disabled withdrawals. The justification offered was some nonsense about “API software”.
The business declared on July 21 that withdrawals will resume with the following additional restrictions:
Investors may only withdraw up to $1000 per day from HomesCNL, and the minimum withdrawal amount has increased to $50.
While HomesCNL tightened controls on money flowing into the Ponzi, the first investment cap was increased from $5000 to $50,000.
On August 1st, the minimum investment amount will likewise increase from $50 to $500.
A new version of the failed Ponzi scheme CryptoCNL is called HomesCNL. A new marketing ploy and the introduction of CNL token are the two schemes’ main differences.
As stated in BehindMLM’s report of the HomesCNL relaunch in June 2022;
This time, Homes CNL will do an exit fraud by paying out its token when the Ponzi inevitable crashes.
As opposed to simply running away, they may now continue to fleece naïve investors for a little bit longer.
The inescapable CNL token departure scheme was also disclosed in HomesCNL’s release on July 21.
Soon, CNL TOKEN withdrawals will be available.
The back office still offers the CNL Token for $0.50.
The Ponzi scheme may quit directly disbursing bitcoin by paying out in CNL token, which HomesCNL creates on-demand out of nothing at no cost.
They will still need to indirectly pay for withdrawals because the CNL token has no value outside of HomesCNL (affiliates converting CNL into bitcoin or something else).
However, HomesCNL can increase investor losses by making payments in CNL tokens. An internal token is simpler to manipulate than a token or currency issued by a third party.
To do this, HomesCNL will switch to a staking Ponzi, enabling customers to store CNL tokens with the business in return for rewards. Of course, returns are also paid in CNL tokens.
This essentially enables HomesCNL to delay the collapse of its exit-scam scheme.
A potential NFT scam has also been disclosed by HomesCNL. But specific information hasn’t yet surfaced.
HomesCNL is thought to be controlled by fraudsters Andrew Arrambide and Juan Carlos Guinea and is fronted by Boris CEO “Jack Wilson.”
It’s said that Arrambide lives in either California or Utah in the US. Guinea is based in Mexico.
Following a marketing effort that targeted South America, recruitment for HomesCNL in Peru increased by 5000% last month.
According to SimilarWeb, the main countries sending visitors to HomesCNL’s website right now are Mexico (40 percent), Peru (31%), Venezuela (16%), and El Salvador (7 percent ).
HomesCNL is registered as “Crypto CNL Group & Associates LLC,” a Nevada front business, in the US.
Juan Carlos Guinea, Andrew Arrambide, Homes CNL, Crypto CNL Group & Associates LLC, and Crypto CNL are SEC-registered companies.
A marketing event is being held by HomesCNL in Dubai on July 30th:
On July 3, Arrambide flew from the US to Dubai:
It seems strange to leave a month before HomesCNL’s scheduled event. Uncertain is the duration of Arrambide’s stay.
The unknown is Juan Carlos Guinea’s present situation.
The world’s MLM crime capital is Dubai. The UAE offers a sanctuary for con artists through its few extradition treaties, lack of cooperation with international law enforcement, and tolerance of MLM-related securities fraud.