Forsage Founders Indicted for $340M Ponzi Scheme Masquerading as DeFi Platform

Forsage relied on smart contracts on Ethereum, Binance Smart Chain and Tron that were “consistent with a Ponzi scheme,” the statement said. “As soon as an investor invested in Forsage by purchasing a ‘slot’ in a Forsage smart contract, the smart contract automatically diverted the investor’s funds to other Forsage investors, such that earlier investors were paid with funds from later investors.”