SEC Charges Group Behind $300M “Crypto Pyramid Scheme”

Key Takeaways

  • The SEC announced today it was bringing charges against 11 individuals for their role in founding and promoting Forsage, which the agency claims is a crypto pyramid and Ponzi scheme that has cost investors worldwide $300 million.
  • While multiple promoters of the scheme operate from the United States, the founders themselves are thought to be living in Russia, Indonesia, and Georgia.
  • The SEC has been taking a more active role in crypto law enforcement lately, though the agency’s approach has been met with criticism.

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