4 Forsage founders indicted in Oregon over $340M Ponzi scheme
The founders paraded Forsage as a DeFi investment platform that could give lucrative returns on deposits and claimed that the project used smart contracts to streamline processes.
The founders paraded Forsage as a DeFi investment platform that could give lucrative returns on deposits and claimed that the project used smart contracts to streamline processes.
U.S. securities regulators have charged 11 individuals for creating and promoting the “fraudulent crypto pyramid and Ponzi scheme” that is the Forsage ‘decentralized networking platform based on smart contracts.’
Headed by Lado Okhotnikov, the Philippines-based Forsage allegedly targeted unsuspecting victims who were lured with promises of zero-risk investment, authorities said.
Forsage claims to be a next-generation crowdfunding platform, promising zero-risk investments allegedly guaranteed by the execution of smart contracts.
Forsage has no legal standing to accept investments, or to sell investment products to the public, regulators in the Philippines said.