Forsage Crypto Scam Founders Indicted for $340M: U.S. Department of Justice

The U.S. Department of Justice (DOJ) has released a statement confirming that four founders of the cryptocurrency firm Forsage have been indicted for over $340 million in a massive crypto scam. This landmark case highlights the DOJ's commitment to cracking down on fraud within the burgeoning DeFi space.

According to the indictment, a federal grand jury in the District of Oregon has indicted the Founders of DeFi platform Forsage. The platform is accused of being a “global Ponzi and pyramid” scheme that defrauded investors worldwide. The alleged scheme involved enticing investors with promises of high returns through a decentralized matrix system, which, in reality, operated by paying earlier investors with funds from newer investors.

Four founders of Forsage have been indicted for their roles in a global ponzi and pyramid scheme that raised approximately $340 million from investors, according to the U.S. Department of Justice. The indictment details how Forsage allegedly misrepresented the platform's profitability and sustainability, luring in unsuspecting individuals with sophisticated marketing tactics.

The $340 million Forsage crypto scam has sent shockwaves through the DeFi community, serving as a stark reminder of the risks associated with unregulated investment platforms. The DOJ's action signifies a heightened focus on protecting investors from similar schemes and holding those responsible accountable for their actions.

Stay informed about the latest developments in this case and learn how to protect yourself from crypto scams. We will continue to provide updates as they become available.