Forsage founders indicted in $340 Million crypto pyramid scheme.
Four Russians have been charged in the U.S. with operating a crypto pyramid and Ponzi scheme that defrauded investors of millions of dollars. If convicted, they would face a maximum penalty of 20 years in prison for their roles in the purportedly decentralized finance platform Forsage.A federal grand jury in the District of Oregon returned an indictment on Wednesday charging the founders of a defi crypto investment platform for what authorities believe to have been a global Ponzi scheme.
Court documents suggest that the Russian nationals deployed smart contracts on the Ethereum, Binance Smart Chain, and Tron blockchains. Analysis of the code showed that as soon as someone invested in Forsage by buying a so-called “slot” in a smart contract, the funds were used to pay earlier Forsage investors.
Blockchain forensics confirmed that over 80% of Forsage investors received fewer ether back than they had invested in its Ethereum program. Moreover, at least one smart contract was used to divert investors’ money to cryptocurrency accounts controlled by the founders.
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