forsage

The co-founder of the crypto platform Forsage, Olena Oblamska, pleaded not guilty to charges of conspiracy to commit wire fraud after being extradited from Thailand to the United States. Forsage launched in January 2020, marketing itself to retail investors worldwide as a smart contract-based DApp investment platform. The U.S. Department of Justice accused the platform of using smart contracts on Ethereum, Tron, and BNB Chain to automatically redirect funds from new participants to early investors, constituting a Ponzi and pyramid scheme.Blockchain analysis shows that over 80% of Forsage investors received less cryptocurrency than they deposited, and over 50% received no returns at all. The scam defrauded victims from the U.S., Europe, Asia, and Latin America of approximately $340 million. The U.S. Securities and Exchange Commission had previously filed a civil lawsuit against those involved in August 2022.

According to The Block, Olena Oblamska, a Ukrainian citizen accused of co-founding the crypto investment platform Forsage, was extradited from Thailand to the United States and pleaded not guilty to a charge of conspiracy to commit wire fraud in federal court in Portland, Oregon. She is the first of four defendants to appear in a U.S. court, while the other three Russian defendants are still at large.Prosecutors allege that Forsage is a Ponzi scheme based on Ethereum, BNB Chain, and Tron smart contracts, involving approximately $340 million. Blockchain analysis shows that over 80% of Ethereum project investors received less ETH than they deposited, and more than half of the investors received nothing. If convicted, Oblamska faces up to 20 years in prison and a $250,000 fine.

The U.S. Department of Justice stated that Olena Oblamska, a Ukrainian national accused of operating the cryptocurrency investment platform Forsage, was extradited from Thailand to the United States last week and appeared in federal court in Oregon, pleading not guilty to the charge of "conspiracy to commit wire fraud."Prosecutors claim that Forsage operated under the guise of an investment project based on Ethereum blockchain "smart contracts," but in reality constituted a Ponzi and pyramid investment scheme, involving approximately $340 million. Currently, Olena Oblamska is being held in custody awaiting trial, with jury proceedings expected to begin on July 14, 2026; if convicted, she could face up to 20 years in federal prison.