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2023: US Justice Department accuses four Russians of $340 million cryptocurrency fraud

On February 22, 2023, the US Department of Justice reported that the four founders of Forsage, a decentralized financial (DeFi) cryptocurrency investment platform, were charged with major fraud.

According to court documents, Vladimir Okhotnikov (aka Lado), Elena Obolmskaya (aka Lola Ferrari), Mikhail Sergeyev (aka Mike Muni, aka Gleb, aka Gleb Million) and Sergey Maslakov, all citizens, Russia falsely advertised the Forsage platform on the Internet, including on the pages of social networks. Forsage was promoted as a legitimate opportunity to make a profit, but "in fact, the defendants used the platform as a financial pyramid."

US Department of Justice accuses four Russians of cryptocurrency fraud

Blockchain analytics confirmed that more than 80% of Forsage investors received less money than they invested in the Forsage Ethereum program. At the same time, more than 50% of investors have never received a single payment, - says the website of the US Department of Justice.

The defendants are alleged to have used modern technology and opaque language to lure money out of investors. In total, the fraudulent scheme has raised approximately $340 million. Okhotnikov, Oblomskaya, Sergeyeva and Maslakov were charged with conspiracy to commit wire fraud. If found guilty, the defendants face a maximum sentence of 20 years in prison.

An analysis of the computer code behind Forsage's smart contracts found that the defendants essentially used a Ponzi scheme in which there is no real revenue-generating business: investor funds are paid to previous depositors, allowing a pyramid scheme to be built. The indictment is brought by a suspected federal grand jury in the District of Oregon.^[1]

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