Charges filed over $300m 'textbook pyramid and Ponzi scheme' crypto startup
It is said that Forsage launched in January 2020 with a website that allowed investors to send money via smart contracts on the Ethereum, Tron, and Binance blockchains. These transactions totaled more than $300 million, according to the SEC.
To get in on the multi-level marketing scheme, according to the regulator, a Forsage investor created a crypto wallet and then bought"slots," which allowed them to earn money off of others recruited into the scheme, called"downlines."
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