• News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Videos
  • Blogs
  • Market Cap
  • Shop
What's Hot

Bybit and North Korean hackers headline $2.1 billion crypto hacks in H1

2025-06-27

今注目のミームコインって何?6月の最新情報と5つのミームコインをご紹介!!

2025-06-26

Why Tokenized Real-World Assets Could 100x Solana 🚀

2025-06-25

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Facebook Twitter Instagram
Crypto Investor News Network
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT

    All Eyes on Art: Upcoming Collections to Watch the Week of February 4

    2025-02-05

    Creator of rabbit AI assistant has hidden NFT past

    2024-05-02

    Ethereum tops daily NFT sales at US$7 mln, ends weakest month of 2024

    2024-05-02

    Top NFT Airdrops and Giveaways for May 2024

    2024-05-02

    Casio Launches NFT Collection Celebrating 50th Anniversary

    2024-05-01
  • Metaverse

    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    2024-12-13

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    2024-10-28

    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

    2024-09-05
  • Analysis

    Crypto Exchange Coinbase Lists New DeFi Altcoin Project Built on Base Blockchain

    2023-12-13

    Ethereum Price Bears Keep Pushing, Why Decline Isn’t Over Yet

    2023-12-13

    Trader Bullish on Cosmos (ATOM), Says One Dogecoin Rival Setting Up for Next Leg Up – Here’s His Outlook

    2023-12-13

    AVAX Price Pumps 50% and Dumps 15%, Why Uptrend Is Still Strong

    2023-12-13

    Top Trader Predicts Parabolic Rally for Solana Competitor – Here’s His Upside Target

    2023-12-13
  • Learn

    A Step-by-Step Guide for Beginners

    2025-06-20

    Long and Short Positions in Crypto Explained for Beginners

    2025-06-20

    What Is Fully Diluted Valuation (FDV) in Crypto?

    2025-06-12

    What Does FUD Mean in Crypto? The Fear, Uncertainty, and Doubt Effect

    2025-06-09

    What Is Crypto Staking? How to Earn Crypto by Holding It

    2025-06-05
  • Videos

    今注目のミームコインって何?6月の最新情報と5つのミームコインをご紹介!!

    2025-06-26

    Why Tokenized Real-World Assets Could 100x Solana 🚀

    2025-06-25

    Bitcoin Set to Blast Off

    2025-06-25

    DO OR DIE POINT FOR BTC!

    2025-06-25

    Smart Money or Dumb Moves? 🤔💸

    2025-06-24
  • Blogs
  • Market Cap
  • Shop
Facebook Twitter Instagram TikTok
Crypto Investor News Network
Home»Regulation»Forsage founders indicted over $340M DeFi ‘Ponzi scheme’
Regulation

Forsage founders indicted over $340M DeFi ‘Ponzi scheme’

2023-02-24No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

The founders behind the alleged $340 million “global Ponzi” scheme Forsage have been indicted by a federal grand jury in the District of Oregon.

The four Russian founders — Vladimir Okhotnikov, Olena Oblamska, Mikhail Sergeev and Sergey Maslakov — have been formally accused of having key roles in the scheme that raised approximately $340 million from victim-investors, according to a Feb. 22 Department of Justice (DOJ) statement.

“Today’s indictment is the result of a rigorous investigation that spent months piecing together the systematic theft of hundreds of millions of dollars,” said U.S. Attorney Natalie Wight for the District of Oregon, adding:

“Bringing charges against foreign actors who used new technology to commit fraud in an emerging financial market is a complicated endeavor only possible with the full and complete coordination of multiple law enforcement agencies.”

Forsage had touted itself as a low-risk decentralized finance platform built on the Ethererum blockchain that allowed users to generate long-term passive income. Blockchain analytics however reportedly revealed that 80% of Forsage “investors” have received less back than they had put in.

According to the DOJ, analysis of the smart contracts revealed that funds raised as new investors purchased “slots” in Forsage’s smart contracts were diverted to older investors, which is consistent with a “Ponzi scheme.”

Forsage still has an active Twitter account, which posted a thread on Feb. 22 claiming that community members who participate in “The Ambassador Program” would be able to earn monthly rewards by completing certain tasks.

2/3

Pre-registration will open soon, so don’t hesitate to be among the first!

The Ambassador Program is an opportunity not only to earn rewards, but also to attract new members to the team, get to know the products better and broaden your horizons in the world of Web3.

— FORSAGE (@forsageofficial) February 22, 2023

On Aug. 1, the Securities and Exchange Commission charged the four founders and seven promoters with fraud and selling unregistered securities, with acting chief of the SEC’s Crypto Assets and Cyber Unit, Carolyn Welshhans, saying at the time:

“Fraudsters cannot circumvent the federal securities laws by focusing their schemes on smart contracts and blockchains.”

The Philippines Securities and Exchange Commission had also flagged Forsage as a likely Ponzi back in 2020, but a month later the platform was still the second-most popular DApp on the Ethereum blockchain.

See also  DeFi needs more decentralization

Related: Crypto, forex platform CEO pleads guilty to $248M fraud scheme

While a charge refers to the instance when a prosecutor brings criminal charges and accuses an individual or group of an offense, an indictment is filed by a grand jury if prosecutors are able to convince a majority of them that a formal accusation is warranted following an investigation.

Grand juries are common in federal and serious state felony offenses.

340M DeFi Forsage founders indicted Ponzi Scheme
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Bitcoin’s Next BIG Move, BOJ Meeting, Top Defi Cryptos & More

2025-06-16

What Are Liquidity Pools? A Guide to DeFi Explained Simply

2025-06-05

What Is Yield Farming in Crypto? A Beginner’s Guide to DeFi Income

2025-06-02

Nigerian investors blindsided by massive CBEX Ponzi scheme

2025-04-15
Add A Comment

Leave A Reply Cancel Reply

Top Posts
Videos

Bitcoin Holders…Brace For Hurricane Milton

2024-10-07

Today, let’s look Bitcoin and why the hurricane milton can disrupt the upwards climb. Crypto.com…

Regulation

SEC fines Up Global, Coinme $3.9M; issues C&D

2023-04-29

The U.S. Securities and Exchange Commission (SEC) imposed cease-and-desist orders and fines upon three parties…

Altcoins

Cardano Price Prediction November: ADA Price May See 43.5% Surge If This Happens

2023-11-02

Cardano (ADA) embarked on an exciting journey in October, surging by an impressive 15.4%. This…

Subscribe to Updates

Get the latest news and Update from CINN about Crypto, Metaverse and NFT.

Editors Picks

Bybit and North Korean hackers headline $2.1 billion crypto hacks in H1

2025-06-27

今注目のミームコインって何?6月の最新情報と5つのミームコインをご紹介!!

2025-06-26

Why Tokenized Real-World Assets Could 100x Solana 🚀

2025-06-25

Bitcoin Set to Blast Off

2025-06-25
Crypto Investor News Network
Facebook Twitter Instagram TikTok
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Disclouser
© 2025 - All rights are reserved.

Type above and press Enter to search. Press Esc to cancel.

bitcoin
Bitcoin (BTC) $ 107,101.70
ethereum
Ethereum (ETH) $ 2,421.08
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.15
bnb
BNB (BNB) $ 646.10
solana
Solana (SOL) $ 142.17
usd-coin
USDC (USDC) $ 1.00
tron
TRON (TRX) $ 0.274011
dogecoin
Dogecoin (DOGE) $ 0.161263
staked-ether
Lido Staked Ether (STETH) $ 2,420.92
bitcoin
Bitcoin (BTC) $ 107,101.70
ethereum
Ethereum (ETH) $ 2,421.08
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.15
bnb
BNB (BNB) $ 646.10
solana
Solana (SOL) $ 142.17
usd-coin
USDC (USDC) $ 1.00
tron
TRON (TRX) $ 0.274011
dogecoin
Dogecoin (DOGE) $ 0.161263
staked-ether
Lido Staked Ether (STETH) $ 2,420.92