What was Forsage and why is it accused of being a Ponzi scheme?

Forsage was marketed as a decentralised finance investment platform using smart contracts to generate returns. US prosecutors allege it actually operated as a Ponzi and pyramid scheme by using money from new investors to pay earlier participants instead of creating legitimate revenue.

Who is Olena Oblamska and what charges is she facing?

Olena Oblamska, also known as Lola Ferrari, is accused of helping operate Forsage’s global investment scheme. She was extradited from Thailand to the US and pleaded not guilty to conspiracy to commit wire fraud.

How much money did Forsage allegedly collect from investors?

US prosecutors said Forsage collected approximately $340 million from investors worldwide. Authorities claim the platform expanded rapidly through multi-level marketing tactics, particularly in emerging markets.

Why is the Forsage case important for crypto regulation?

The case reinforces that blockchain projects and smart contracts are still subject to fraud and securities laws. Regulators and courts continue arguing that calling a platform “decentralised” does not shield operators from legal responsibility.

How did Forsage attract investors?

Forsage promoted itself as a low-risk DeFi opportunity offering high returns through automated smart contracts. The platform reportedly relied heavily on referral structures and social network recruitment to bring in new participants.

What is the difference between a Ponzi scheme and a pyramid scheme?

A Ponzi scheme mainly uses money from new investors to pay returns to earlier investors, creating the illusion of profitability. A pyramid scheme focuses more heavily on recruitment, where participants earn rewards for bringing in additional members.

Who else has been charged in the Forsage case?

US authorities also charged alleged Forsage mastermind Vladimir Okhotnikov along with Mikhail Sergeev and Sergey Maslakov. Prosecutors accused the group of coordinating the platform’s global operations.

Why are DeFi projects facing more scrutiny from regulators?

Regulators are increasingly targeting DeFi platforms that promise unrealistic returns or operate without proper compliance controls. Authorities have become more aggressive in pursuing cases involving alleged fraud, unregistered securities offerings and investor deception.

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Forsage co-founder pleads not guilty in $340M case

Written by Isaac FrancisPublished May. 18 2026Last Updated May. 18 2026

Olena Oblamska, a Ukrainian national also known as Lola Ferrari, pleaded not guilty after being extradited from Thailand to face federal charges in Oregon tied to the alleged $340 million Forsage crypto scheme.

US prosecutors allege Forsage operated as both a Ponzi and pyramid scheme by using funds from new investors to pay earlier participants rather than generating legitimate economic activity.

The Department of Justice accused Oblamska and co-defendants including alleged mastermind Vladimir Okhotnikov, Mikhail Sergeev and Sergey Maslakov of conspiracy to commit wire fraud linked to the platform’s global operations.

Forsage launched in 2019 and marketed itself as a decentralised finance investment platform powered by smart contracts, promising low-risk returns while expanding rapidly through multi-level marketing networks, particularly in emerging markets.

Prosecutors said the platform collected approximately $340 million from investors worldwide before regulators and law enforcement agencies intensified scrutiny of its operations.

The criminal case marks an escalation from earlier regulatory actions against Forsage and reinforces the position taken by courts and regulators that blockchain-based smart contracts do not exempt operators from fraud statutes or securities laws.

The case also drew renewed attention after reports that Okhotnikov resurfaced last year in a film featuring Kevin Spacey, while US authorities continue pursuing accountability for individuals linked to the platform.