Forsage
A 'decentralized' smart-contract investment platform the SEC called a 'textbook pyramid and Ponzi scheme', raising $300M+ (DOJ cited ~$340M). The SEC charged 11 people in 2022.
Also known as: Forsage, Forsage.io
Summary
Forsage was marketed as a "decentralized" smart-contract investment platform on Ethereum, BNB Chain, and Tron. The SEC charged 11 people in 2022, describing it as a "textbook pyramid and Ponzi scheme" that raised more than $300 million; a 2023 DOJ indictment cited about $340 million. [1][2]
Mechanism
Per the SEC, Forsage sold no actual product; investors mainly profited by recruiting others, and new-investor funds paid earlier investors through smart contracts. [1][2]
People
The four founders — Russian nationals last known to be in Russia, Georgia, and Indonesia — were indicted in 2023. [2]
Bracketed numbers refer to the numbered sources listed below.
People & entities involved
Sources (2)
See also
- Bitcoin Latinum (LTNM)TokensA ~$16M token offering (SAFTs for 'Bitcoin Latinum' / LTNM) that the SEC charged in 2026 as fraud: founder Donald Basile falsely called LTNM 'the world's first insured digital asset' backed by an 'existing trust,' neither of which existed, and diverted investor funds for personal use (including a $160,000 horse).
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)Tokens
This page was last updated on Jun 8, 2026. View revision history.