Russian Founders of Defi Platform Forsage Indicted in $340 Million Crypto Ponzi Scheme – Bitcoin News
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On April 28th, 2021, the Russian founders of the decentralized finance (DeFi) platform Forsage were indicted in a $340 million crypto Ponzi scheme. The platform is accused of defrauding more than 1 million users across the globe.
Forsage is a decentralized, peer-to-peer platform based on the Ethereum blockchain. It was developed in 2020 by two Russian nationals, Sergey Medvedev and Yuriy Duskevich. The platform allows users to earn money by investing in various digital assets.
According to the indictment, Medvedev and Duskevich created the platform in order to defraud users and enrich themselves. They allegedly used a Ponzi scheme to lure investors, promising them high returns on their investments. However, the scheme was a scam and the founders allegedly used the funds for their own personal gain.
The scheme allegedly operated in more than 180 countries, including the United States, Russia, Ukraine, Belarus, and Kazakhstan. It is estimated that more than 1 million people have been defrauded out of over $340 million.
The indictment charges Medvedev and Duskevich with fraud, money laundering, and operating an illegal financial pyramid scheme. If convicted, they could face up to 20 years in prison.
The indictment serves as a reminder that crypto investors should always exercise caution when investing in digital assets. It is important to do your research and understand the risks associated with any investment. Additionally, investors should always be wary of Ponzi schemes, as they are often used to defraud unsuspecting investors.
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