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Forsage Founders Charged in $340M DeFi Ponzi Scheme

The founders of Forsage, a decentralized finance (DeFi) platform, have been charged with operating a Ponzi scheme disguised as a legitimate DeFi platform. The scheme is alleged to have defrauded investors of over $340 million.

According to the indictment, the founders of Forsage, Lado Okhotnikov, and Ruslan Krivobok, used the platform to attract investors with promises of high returns. However, the returns were not generated through legitimate DeFi activities, but rather through a classic Ponzi scheme, in which returns are paid out to early investors with the funds of new investors.

The indictment also alleges that Forsage operated without a license from the Ukrainian government and that the founders misled investors by claiming that the platform was decentralized and therefore not subject to regulation.

The scheme operated from February 2020 to June 2021, during which time it is alleged that over 100,000 investors were defrauded. The Ukrainian government is currently investigating the case, and the founders could face up to 12 years in prison if found guilty.

This case highlights the need for investors to exercise caution when investing in new and unregulated DeFi platforms. It also underscores the importance of government regulation in protecting investors from fraudulent schemes.

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