crypto scam, 2500 crores crypto fraud..fraud gang caught red-handed!! – us sec charges 11 people for promoting fraud crypto pyramid and ponzi scheme

An 11-member fraud gang in the name of cryptocurrency has created a crypto pyramid and Ponzi scheme to defraud retail investors around the world, including the US, of $300 million (roughly Rs. 2,500 crore).

For that, the Securities and Exchange Commission of the United States has said that they have been arrested and charged with fraud and false advertising.

Among the accused are the four founders of the project Forsage. They were last known to be living in Russia, the Republic of Georgia and Indonesia, the SEC said in a statement. But it is said that not enough information is available about them.

According to a complaint by the SEC (The Securities and Exchange Commission), the scheme’s website was launched in January 2020 and allowed millions of retail investors to enter transactions through smart contracts.

It allegedly operated as a pyramid scheme for over two years, in which investors profited by recruiting others into the scheme, the report said. The scam is said to be the biggest crypto scam of the year.