Forsage Runs Wild with Ethereum Backing

Cryptocurrencies and smart contracts are strong new technologies that offer a variety of benefits, including speedier monetary transactions, creative financial products, and global economic integration for the financially excluded. However, these very same technologies have spawned various forms of fraud and theft, as well as new methods of committing current sorts of crime.

While Ethereum has benefited from the decentralized finance (defi) movement and initial coin offerings (ICOs), people have recently been using it for pyramid schemes and matrix cycler programs. Forsage, a gifting pyramid scheme, is one of the schemes that crypto enthusiasts are talking about right now.

Shortly after the death of a handful of Onecoin masterminds and the recent accusations leveled against Plustoken and Wotoken members, another major pyramid scheme has been amassing cash. Since its inception in February 2020, the Forsage project has garnered a large number of Ethereum deposits.

According to the website dappstats.com, Forsage is considered "high risk," but it nevertheless managed to generate $2.8 million in Ethereum (ETH) volume in the last seven days. Forsage is essentially a matrix cycler program that claims to allow users to earn 'passive income' by simply registering more partners.

What Exactly Are Pyramid Schemes?

Pyramid schemes are investment swindles in which top-level members in a hierarchical network enroll and profit from a growing base of deceived newer players. Because of the lack of transparency of participants' transactions, there have been no in-depth investigations of their operations and societies for almost a century.

What Is Forsage?

Forsage is an Intelligent Contract Crypto revenue scheme that enables people to work from home at their own pace. This program has no time limit, goals, or deadlines. It is based on the unique characteristics of the Ethereum cryptocurrency and allows anyone to generate a long-term residual income just by referring this to three other people and asking them to do the same.

Is Forsage Legal in India?

Forsage is unlawful. As a vision, It is working on a Pyramid plan (in which there is no return on investment). The Indian government has said unequivocally that pyramid schemes, such as Amway, are completely prohibited in India.

Is It Safe to Use Forsage?

It is completely safe. The money earned through the forage plan is safeguarded. The forsage system is based on blockchain technology thus it is nearly impossible to have it hacked.

The Forsage website informs visitors that they may join for 0.05 ETH ($18.34) and that the more people who register, therefore more money they can reportedly make. The operation is described as a "simple relationship" on the Forsage website. "The more partners there are, the more money is collected," according to the Forsage FAQ. 

The article also includes an example of a person named "ID 8679" who is earning over $700,000 and will soon be a "millionaire."

Forsage, a matrix cycler established in the Philippines, is dubbed a Boondoggle that could collapse at any moment. A few crypto enthusiasts have speculated on the Forsage initiative and how it has gathered a large amount of ETH since its introduction.

Furthermore, the Forsage fraud has proceeded even after the Philippines Securities and Exchange Commission (SEC) issued a warning about it.

“Forsage, which is headed by Lado Okhotnikov, is not duly registered with the SEC and lacks the necessary license to solicit, accept or take investments from the public or issue investment contracts and other forms of securities,” the warning stated.

The only breakthrough solutions that could prove to be probable enforcement in its reduced enrollment are primarily specified education as a majority of targets are from certain countries only and apart from that better laws and policies. The government rolls out fewer regulations as compared to the loopholes it brings along. 

But as far as Forsage is concerned, it is running despite it all and pretty smoothly at that. 

Written by- Abhya Kaushik

Edited by- Priyanshi Deolal