It has been a miserable August for crypto — and it's only the third day of the month.
, Wall Street's top watchdog calls Forsage a "textbook pyramid and Ponzi scheme," in which Forsage aggressively promoted its smart contracts through online promotions and new investment platforms, all while not selling "any actual, consumable product." The complaint adds that "the primary way for investors to make money from Forsage was to recruit others into the scheme.
"Fraudsters cannot circumvent the federal securities laws by focusing their schemes on smart contracts and blockchains." Three of the 11 people are U.S.-based individuals charged as promoters who endorsed Forsage on their social media platforms: Samuel D. Ellis, of Louisville, Kentucky, Mark F. Hamlin, of Henrico, Virginia, and Sarah L. Theissen, of Hartford, Wisconsin. Ellis and Theissen, neither of whom admitted nor denied the allegations, agreed to settle the charges, subject to court approval.
"Without prior programming experience, any user could simply copy the original attackers' transaction call data and substitute the address with theirs to exploit the protocol," said Victor Young, founder and chief architect of crypto startup Analog. "I can only hope that developers and projects will learn that they are running a critical piece of software," Adrian Hetman, tech lead at Web3 security firm Immunefi, told CNBC.
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