US SEC Charges Forsage for an Alleged Pyramid Scheme

The US Securities and Exchange Commission (SEC) has charged 11 individuals responsible for creating and promoting an alleged crypto Ponzi scheme.

Four Forsage founders and seven others involved in the marketing of the fraudulent project are facing scrutiny.

The Forsage website allowed millions of retail investors to enter transactions on various blockchains such as Ethereum, Tron, and Binance. The users were promised to receive profit for bringing others into the scheme. Having operated for over 2 years, the platform has raised over $300 million by offering and selling unregistered securities.

The SEC has recently filed multiple lawsuits against crypto projects including Coinbase. As a result, the SEC Chief is facing massive criticism from the community.