Users deposited their money into projects running on the Ethereum, Tron, and Binance blockchains, and earned rewards for recruiting others to the scheme. The project also used payments from newer investors to pay out earlier investors—a Ponzi scheme.
The SEC charged eleven people who helped to create and promote the crypto pyramid and Ponzi scheme Forsage. The scam operated from January 2020 into 2021, despite multiple cease and desist actions from regulators in the US and the Philippines.
- "SEC Charges Eleven Individuals in $300 Million Crypto Pyramid Scheme", U.S. Securities and Exchange Commission
- "SEC charges 11 people in alleged $300 million crypto Ponzi scheme", CNBC