The founders of Forsage were indicted in the U.S. for running a $340 million Ponzi scheme that portrayed itself as a decentralized finance (DeFi) investing platform. Four Russian nationals – Vladimir Okhotnikov, Olena Oblamska, Mikhail Sergeev and Sergey Maslakov – promoted Forsage on social media as a legitimate system, when in fact it was fraudulent scheme, according to a U.S. Justice Department statement announcing their indictments Wednesday. Forsage relied on smart contracts on Ethereum, Binance Smart Chain and Tron that were "consistent with a Ponzi scheme," the statement said.