U.S. Department of Justice indicted all of the four founders of Forsage for the Forsage Crypto Scam of $340 Million. Through one of their blog statements, U.S. DOJ said that all the founders indulged in forage crypto scams. They used an Ethereum Smart Contract based on a Ponzi scheme to scam the people.

It has been further reported that all the Forsage founders belonged to Russia, and their names are Vladimir Okhotnikov, Sergey Maslakov, Olena Oblamska, and Mikhail Sergeev. All of them have been charged for playing a significant part in the scam, which helped them earn around $340 million.

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Forsage Crypto Scam

Forsage market itself as it’s one of the largest decentralized financial platforms based on Ethereum Blockchain and offers long-term passive income. But as per the reported data, it has been found that more than 80% of people who have invested with Forsage didn’t receive till now what they invested.

Further, it has been reported that Forsage works on a similar scheme to the Ponzi scheme. When some users make payments to buy a slot, the funds are distributed to the old baker.

However, this was not the first time someone accused Forsage and the four founders of this large Forsage Crypto Scam. Earlier in August 2022, SEC – Security and Exchange Commission accused seven promoters and 4 of its founders of promoting fraud and selling unregistered securities. The Chief of the SEC has further said that these fraudsters can’t save themselves by putting their scam schemes on the blockchain. In 2020, the Philippines SEC also accused Forsage of the Ponzi Scheme, but still, after a month, the forage was able to score the second position as the most liked D-app on the Ethereum blockchain.

After the charge of the Forsage Crypto Scam, the Twitter handle of Forsage is still active. They have posted one more scheme and said that all the participants of the Ambassador Program would be able to get some extra rewards if they fulfilled specific tasks.

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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

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Tags: Crypto Scam Forsage Ponzi Scheme