Charges filed over $300m ‘textbook pyramid and Ponzi scheme’ crypto startup

Forsage, an alleged crypto Ponzi scheme purporting to be a decentralized smart contract platform, bilked millions of investors worldwide out of more than $300 million, according to America’s securities watchdog. On Monday, the SEC charged 11 people for their roles in the alleged blockchain scheme that spanned the US, Russia, the Philippines, and other countries.  It’s the latest in a string of enforcement actions as the SEC and US Department of Justice crack down on those using the promise of cryptocurrency riches to cheat victims out of millions of dollars.

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