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Forsage Founders Indicted in $340M DeFi Ponzi Scheme

Published 02/23/2023, 02:15 PM
Updated 02/23/2023, 04:30 PM
Forsage Founders Indicted in $340M DeFi Ponzi Scheme

  • U.S. Department of Justice charged four Russian individuals for running a Ponzi scheme through a platform called Forsage.
  • The defendants allegedly used computer code to steal customers’ money.
  • The defendants face up to 20 years in prison if found guilty.
Law enforcement agencies in the United States continue to crack down on crypto scammers. A federal grand jury in the District of Oregon indicted four founders for running a Ponzi scheme that masqueraded as a decentralized finance (DeFi) platform.

According to a statement by the U.S. Department of Justice, four Russians, Vladimir Okhotnikov, Olena Oblamska, Mikhail Sergeev, and Sergey Maslakov, are responsible for running a “global Ponzi and pyramid investment scheme” through a company called Forsage.

The DOJ alleges that the defendants coded and deployed smart contracts...

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