Forsage Review 2026: Ethereum Matrix Project Charged as a Ponzi

Forsage marketed itself as an international crowdfunding platform and the first matrix marketing project based on Ethereum smart contracts. Promoters described it as decentralized and peer-to-peer, with no central administrator.

The legal record paints a different picture. In August 2022 the SEC charged 11 individuals linked to the project over what it described as a crypto Ponzi scheme. In February 2023 the DOJ reported charges against four Russian nationals, Vladimir Okhotnikov, Olena Oblamska, Mikhail Sergeev and Sergey Maslakov, described as founders, in connection with a scheme of about $340 million. The DOJ said the contracts relied on code consistent with a Ponzi scheme.

The project's homepage could not be reached, and no current official site is established here. Charges are allegations until proven, but the enforcement actions are reason enough to stay away.

Forsage described itself as a peer-to-peer matrix project on the Ethereum blockchain. Participants send crypto to a smart contract to unlock levels, and payments are routed to other participants positioned above or around them in the matrix. Promoters said this was fully automated and that no administrator could shut it down.

In practice, rewards come from new participants' deposits, not from any underlying product or revenue. That is the structure of a pyramid or Ponzi scheme: payouts continue only while recruitment continues. The DOJ said the smart contracts relied on a coding approach consistent with a Ponzi scheme.

Promotion took place largely through social media and referral teams. Each participant is encouraged to recruit others to earn more, which spreads risk onto later entrants.

Fees are not published in any source available here. The project's own site could not be reached, so there is no verified fee schedule.

In matrix schemes, the main cost is the payment to enter each level, plus network gas fees on the blockchain. The real exposure is the risk of losing the whole amount, not a fee line item.

Forsage is the subject of US enforcement action. The SEC charged 11 individuals in August 2022, and the DOJ reported an indictment of four founders in February 2023, tied to roughly $340 million. The DOJ said the smart contracts were coded in a way consistent with a Ponzi scheme.

No audits, licences or accountable team are published. Claims that the contracts are decentralized do not protect participants, because payouts depend on new money arriving, and nobody can be held to account within the system. Because charges are allegations, the outcome of each case should be checked directly with the authorities.

Forsage is not suited to any investor. The only readers with a reason to study it are people researching how crypto Ponzi and matrix schemes work, or people who already took part and want to understand the legal situation.