SEC Uncovers $300 Million Crypto Ponzi Scheme. The U.
30 Aug 2022, 08:00
SEC Uncovers $300 Million Crypto Ponzi Scheme
The U.S. Securities and Exchange Commission (SEC) has charged 11 individuals for their roles in an alleged crypto Ponzi scheme that may have taken as much as $300 million from investors.
A Crypto Ponzi Scheme Has Been Shut DownThe Ponzi scheme – which operated under the name Forsage – had been in operation for more than two years at the time the charges were filed. The founders – along with several individuals that had been hired as promoters – were then thoroughly investigated by law enforcement agents.
Launched in January of 2020, Forsage explained via its website that it was in the business of giving retail investors crypto opportunities they otherwise wouldn’t have access to. Site copy claimed that the organization sought to provide investors chances to take part in smart contract transactions that occurred on the Ethereum, TRON, and Binance blockchains. Investors could earn money through the company’s referral program granting those they tried to bring on signed up for new accounts.