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Four Russians have been charged in the U.S. with operating a crypto pyramid and Ponzi scheme that defrauded investors of millions of dollars. If convicted, they would face a maximum penalty of 20 years in prison for their roles in the purportedly decentralized finance (defi) platform Forsage. Forsage Founders Charged With Running Cryptocurrency Pyramid A […]Powered by WPeMatico
According to the Department of Justice, Forsage employed smart contracts which were coded in ways consistent with a Ponzi scheme.
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SEC has filed a lawsuit in the U.S. District Court against the founders and promoters of Forsage who allegedly fueled a $300 million “textbook pyramid and Ponzi scheme”
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The U.S. Securities and Exchange Commission (SEC) has charged four founders and seven promoters of Forsage, which it described as “a fraudulent crypto pyramid and Ponzi scheme.” The scheme allegedly raised more than $300 million from millions of retail investors worldwide, including in the U.S. SEC Takes Action Against Forsage Crypto Scheme The U.S. Securities […]Powered by WPeMatico
While Ethereum has seen a number of benefits from the decentralized finance (defi) movement and initial coin offerings (ICOs), more recently individuals have been leveraging ether for pyramid schemes and matrix cycler programs. One particular scheme crypto enthusiasts are discussing these days is the gifting pyramid scheme called Forsage. Following the demise of a number […]
The post Despite Warnings from Regulators, the Ethereum Fueled Pyramid Scheme Forsage Thrives appeared first on Bitcoin News.
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Nigeria is not only Africa’s biggest cryptocurrency market but is also a leading adopter of digital currencies globally. Official figures show the country is well ahead of fellow African countries. Citizens of the West African state use cryptocurrencies for cross border payments as well as for international remittances among many growing use cases. However, this […]
The post Ignorance and Greed Sustain Cryptocurrency Scams in Nigeria appeared first on Bitcoin News.
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