back to article Charges filed over $300m 'textbook pyramid and Ponzi scheme' crypto startup

Forsage, an alleged crypto Ponzi scheme purporting to be a decentralized smart contract platform, bilked millions of investors worldwide out of more than $300 million, according to America's securities watchdog. On Monday, the SEC charged 11 people for their roles in the alleged blockchain scheme that spanned the US, Russia, …

  1. Anonymous Coward

    There's a sucker born . . .

    Every microsecond these days.

    It makes you long for the days when the Nigerian Prince emails were the height of scams.

    1. Andy The Hat Silver badge

      Re: There's a sucker born . . .

      They don't make scams like they used to ... :-)

      1. Trigonoceps occipitalis

        Re: There's a sucker born . . .

        Nostalgia aint what it used to be!

  2. Throatwarbler Mangrove Silver badge

    In before...

    ...cryptobros explaining how this is not ackshually a Ponzi scheme, and also how some new "innovation" in cryptocurrency will make it all better, and whatabout scams not involving crypto? What about those, huh? You don't sound so smart now, do you? I think you owe someone an apology!

    BTW, wanna buy some apes?

    1. ChoHag Bronze badge

      Re: In before...

      I think they've moved on. Evidence seems to suggest that you can outright say it's a ponzi scheme, describe all of its ponzi features in detail, be under investigation in multiple countries for running a ponzi scheme, and still get marks falling over themselves to give you money.

    2. katrinab Silver badge

      Re: In before...

      It is not a Ponzi scheme unless it comes from the Ponzi region of Brazil

    3. Jan K. Bronze badge

      Re: In before...

      "BTW, wanna buy some apes?"

      If you can promise +20% return rate, I'm all in!!!

  3. Winkypop Silver badge

    We win some, you lose some

    Ponzicryptoscam Coin

  4. Howard Sway Silver badge

    agreed to pay disgorgement and civil penalties

    Sure, slap on the wrist, don't do it again, we won't punish you any further because all you did was steal $300 million with a bunch of russian gangsters........ they're not exactly dissuading people from doing this, are they?

    I'm starting to think that the powers that be have let the scale of the entire crypto scam become so huge that they're scared to actually move in and put a stop to it. Which just lets this shit continue on a daily basis. "Lola Ferrari" FFS, there must be no limit at all to the gullibility of the poor fools out there, they could have still got the cash if they'd called themselves Rich Moneyshitta and Mike Ryptoscam.

    1. iron Silver badge

      Re: agreed to pay disgorgement and civil penalties

      Or perhaps "Mike Mooney" or "Gleb Million." Oh wait.

  5. JollyJohn54

    Mikhail Sergeev

    Interviewer - What other names are you known by?

    Mikhail - make money

    Interviewer - Say again?

    Mikhail - MAKE MONEY

    Interviewer - Got it. (writes down Mike Mooney)

    1. Fruit and Nutcase Silver badge

      Re: Mikhail Sergeev

      Interviewer - What other names are you known by?

      Mikhail - make money[Bernie make off]

      Interviewer - Say again?

      Mikhail - MAKE MONEY[Bernie MAKE OFF]

      Interviewer - Got it. (writes down Mike Mooney[Bernie Madoff]

  6. Mad Dave

    So, someone runs a ponzi cheme using a cryptocurrency as a front, and this somehow means that all cryptocurrency is a ponzi scheme?

    Can someone explain the logic behind this?

    1. that one in the corner Silver badge

      Explain what logic?

      Where in the article are you finding the statement that "all cryptocurrencies are Ponzi schemes"?

      For that matter, where in the comments to date is anyone saying that? (Though possibly some people do have that opinion; you can hold any opinion your little heart desires).

      1. Mad Dave

        Re: Explain what logic?

        Where in my comment did you find the statement where I stated that I found "all cryptocurrencies are Ponzi schemes" in the article text?

        If you're looking for evidence of the sentiment in the comments, you only have to scroll up about half a page to find "the entire crypto scam", "Ponzicryptoscam Coin", and numerous other references to the dubiety of crypto currencies.

        Should you wish to travel further back in time, you wil indeed find that exact text posted elsewhere e.g.

        inb4 pedantry

        1. that one in the corner Silver badge

          Re: Explain what logic?

          Well, a comment that isn't a reply to - or contains clear references to another comment - can fairly be assumed to be referring to the article.

          "The entire crypto scam" - there are more types of scam than the ponzi!

          "Ponzicryptoscam Coin" - well duh, what else is going to be said on an article that *is* about a ponzi scheme!

          Then you post a ref to another comment from *months* ago where someone expressed their own opinion (see back to "anyone can have an opinion")! If *that* was the discussion you wanted to have, but decided (reasonably) that no-one would spot your posting on an old article, then you had every opportunity to put that into your first comment here. Hmm, wonder why you didn't...

          Nope, your "explain the logic", as originally put, is still - well, it is a strawman, isn't it?

          Plenty of people do consider cryptocurrencies to be a scam - just not necessarily all ponzis as you suppose.

          1. Mad Dave

            Re: Explain what logic?

            inafter pedantry

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