SEC CHARGES 11 IN USD300 MILLION CRYPTO PYRAMID SCHEME
August 30th, 2022
The United States Securities & Exchange Commission (SEC) on August 1 charged 11 individuals with fraud offences over their roles in creating and promoting Forsage, a fraudulent online crypto pyramid and Ponzi scheme that raised more than USD300 million worldwide. Millions of retail investors inside and outside the US invested in what was claimed to be a decentralised smart contract platform using the Ethereum, Tron and Binance blockchains. But in its formal charging memorandum, (1) the SEC said Forsage operated as “a textbook pyramid and Ponzi scheme” for ...
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