- The founders of Forsage, an alleged crypto fraud, were indicted by an Oregon federal grand jury.
- The developers aggressively advertised Forsage and raised $340 million for their alleged Ponzi scam.
- Securities and Exchange Commission filed charges on August 1 against Forsage.
Four of Forsage’s founders have been indicted on charges of operating a $340 million Ponzi scheme disguised as a decentralized finance (DeFi) investment platform by the federal grand jury for the District of Oregon in the United States.
Surprisingly, all of the victims engaged in this operation were Russian nationals. According to U.S. authorities, who announced their indictments on Wednesday, Vladimir Okhotnikov, Olena Oblamska, Mikhail Sergeev, and Sergey Maslakov were all charged with promoting Forsage on social media platforms where the Forsage platform appeared to be a legitimate firm. However, the system was a fraudulent and scam platform.
According to Assistant Attorney General Kenneth A. Polite, Jr. of the Justice Department’s Criminal Division, “the department is devoted, together with our partners, to holding accountable fraudsters who defraud investors, especially in the booming DeFi business.” Kenneth claims that the Justice Department is winning the war against crypto anomalies because it utilizes every available investigative tool, including blockchain analysis, to uncover elaborate fraud schemes employing all cryptocurrencies. However, this is the first time the U.S. authorities have been involved in a case involving the DeFi Ponzi schemes.
Despite this, Forsage maintains an active presence on Twitter, as evidenced by the platform’s most recent tweet. It informed community members who participated in “The Ambassador Program” that they would be eligible to win monthly prizes for completing specific tasks.
The Securities and Exchange Commission (SEC) filed charges on August 1 against the company’s four founders and seven promoters, accusing them of selling unregistered securities and committing fraud.
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