Forsage has been referred to as probably the worst crypto scam for years. The ponzi with MLM sauce based on Ethereum however, has now left the spotlights of international bling-bling events to end his career in front of a completely different audience, much less receptive to his commercial arguments: that of a court of justice jury.
Forsage, the Ponzi for Dummies
Relatively lesser known than the most reputable crypto scams in the Decentralized Scam Hall of Fame like OneCoin, bitconnect or Token MoreForsage did, however, cause aggregate damage assessed at $340 million and left thousands of victims in its wake.
So of course, in 2023, comfortably installed in your sofa (or courageously clinging to your metro bar), you may be surprised that a “project” literally baptized “forcing”, promising delirious returns with DeFi mechanics too obscure and incoherent, has been able to glean so much “dumb money”.
However, the facts are there, and the formula was still working well in 2021 in any case, making it possible to siphon off the pockets of the most naive and to feed an eminently pyramidal system of a Ponzian nature, aligning all the clichés of the genre (compulsory recruitment in MLM mode to climb into the structure, blocking of funds, flashy events, and “mindset” conferences in prestigious places…).
And if at the time, you had questions, the famous “Often frequently asked questions” remains an unintentionally comic standard of mediocrity, rarely equaled since.
Fortunately, like the best things, the worst things also come to an end. Thus, as of August 2022, the Security Exchange Commission (SEC) indicated indict 11 people in connection with Forsage, for their role in creating and promoting the scam.
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Forsage attempts to force
We thus learned today by press release from the US Department of Justice of the indictment of Vladimir Okhotnikov, Olena Oblamska, Mikhail Sergeev and Sergey Maslakov, the 4 Russian founders of Forsage.
Not surprisingly, Natalie WightUnited States Attorney for the District of Oregon recalls that the Forsage system was based on a strictly Ponzian mechanism, the deposits of new entrants being used to remunerate older members, with the result of irremediable losses for 80% of system participants.
But, beyond this path as tragic as it is classic, the story would not really be worthy of entering the little encyclopedia of crypto scams without a real outrageous dimension, a trademark of the greatest.
Indeed, even with its leaders in court, hundreds of millions stolen, a crude scam revealed for more than 2 years, Forsage continues to communicate on social networks, even presenting an ambitious “ambassador program” a few hours ago, in the greatest relaxation.
“Crypto scams are daring, that’s even how we recognize them” might try Michel Audiard, Web3 expert. In the meantime, be careful and continue to apply a rule as simple as it is universal: if a promise of return seems too good to be true, it is false.
Scams are unfortunate hazards, but not inevitable. Any investment involves risk. As a well-informed investor, have you done your own research and decided to take the plunge? Current prices are an opportunity to add a few satoshis to your wallet! To do this, register on eToro (commercial link).