US SEC Charges 11 People With Participation In Crypto Ponzi Scheme Forsage That Raised Over $300 Million

The U.S. Securities and Exchange Commission (SEC) charged 11 people with involvement in the creation and promotion of Forsage, a fraudulent global crypto pyramid and Ponzi scheme that raised more than $300 million, The Block reported. Those charged include the four founders of Forsage, which launched Forsage.io in January 2020, allowing millions of retail investors to trade on Ethereum, Tron, and Binance Chain through smart contracts, by recruiting others to join The scheme was to make a profit while using assets from new investors to pay earlier investors in a typical Ponzi scheme structure.