While Ethereum has seen a number of benefits from the decentralized finance (defi) movement and initial coin offerings (ICOs), more recently individuals have been leveraging ether for pyramid schemes and matrix cycler programs. One particular scheme crypto enthusiasts are discussing these days is the gifting pyramid scheme called Forsage.

Following the demise of a number of Onecoin masterminds and the recent charges against Plustoken and Wotoken members, another massive pyramid scheme has been raking in funds. The project is called Forsage and it has attracted a lot of ethereum deposits since it launched in February 2020.

According to the web portal dappstats.com, Forsage is considered “high risk,” but still managed to see $2.8 million worth of ethereum (ETH) in volume during the last seven days. Essentially, Forsage is a matrix cycler program that claims to offer users the ability to make ‘passive income’ by simply signing up more partners.

Dappstats.com and Etherscan call the Forsage contract a “high risk”…

Click to continue reading on its source location…

Source: https://news.bitcoin.com/despite-warnings-from-regulators-the-ethereum-fueled-pyramid-scheme-forsage-thrives/