SEC Slaps Founders and Promoters of Alleged Ponzi Scheme Forsage With Fraud Charges

The SEC charged 11 people tied to the alleged $300 million crypto Ponzi scheme Forsage with fraud. Forsage was launched in January 2020 by four founding members. Millions of users from around the world were recruited by a network of promoters, including a group that called themselves the "Crypto Crusaders", to send money via smart contracts on the Ethereum, Tron and BNB Chain in exchange for a payout when they recruited another investor. It quickly grew to be one of the most popular decentralized apps on the Ethereum, and at its peak, it consumed roughly a quarter of the blockchain’s bandwidth and caused gas fees to spike, data from Dune Analytics showed.