Forsage Accused of Running $340 Million Crypto Pyramid Scheme Across Multiple Blockchains

US authorities continue pursuing the operators behind Forsage, a crypto platform accused of running a $340 million Ponzi and pyramid scheme that promoted passive income opportunities across Ethereum, BNB Smart Chain and Tron.

Prosecutors allege Forsage marketed itself as a decentralized investment platform where users could earn profits by purchasing “slots” tied to smart contracts and recruiting new participants into the system. According to investigators, funds from newer investors were automatically routed to earlier users, while portions of deposits were allegedly diverted into wallets controlled by the founders.

Blockchain analysis cited by US authorities showed more than 80 percent of participants received less crypto than they deposited, while over half allegedly received no returns at all.

The platform expanded rapidly during the crypto bull market through Telegram groups, YouTube promotions, Facebook communities and influencer-led marketing campaigns presenting Forsage as a low-risk DeFi opportunity.

Ukrainian national Olena Oblamska, also known online as “Lola Ferrari,” recently appeared in US federal court after being extradited from Thailand. Prosecutors accuse her and other founders of conspiracy to commit wire fraud linked to the operation.

Authorities also disputed claims made by Forsage promoters that large numbers of users became millionaires through the platform, stating that only one wallet tied to the defendants received more than $1 million from the scheme.

Russian national Vladimir Okhotnikov and two additional co-defendants remain at large.