Philippines' SEC just denounced the top Ethereum dapp as a Ponzi

Agas-guzzling Ethereum dapp that accounts for 25% of activity on Ethereum network has been denounced as a potential Ponzi scheme by the Philippines Securities and Exchange Commision.Click Here for portfolio Click Here for portfolio Click Here for portfolio Click Here for portfolio Click Here for portfolio Click Here for portfolio Click Here for portfolio Click Here for portfolio Click Here for portfolio read more about it read more about it read more about it read more about it read more about it read more about it read more about it read more about it read more about it read more about it read more about it read more about it read more about it source file for detail source file for detail source file for detail source file for detail source file for detail source file for detail source file for detail source file for detail source file for detail source file for detail source file for detail source file for detail source file for detail source file for detail source file for detail source file for detail source file for detail source file for detail source file for detail source file for detail source file for detail source file for detail source file for detail usama younus portfolio usama younus portfolio usama younus portfolio usama younus portfolio usama younus portfolio usama younus portfolio usama younus portfolio usama younus portfolio usama younus portfolio usama younus portfolio usama younus portfolio usama younus portfolio usama younus portfolio usama younus portfolio usama younus portfolio usama younus portfolio usama younus portfolio usama younus portfolio usama younus portfolio usama younus portfolio usama younus portfolio usama younus portfolio usama younus portfolio usama younus portfolio usama younus portfolio usama younus portfolio usama younus portfolio usama younus website usama younus website usama younus website usama younus website usama younus website usama younus website usama younus website usama younus website usama younus website usama younus website usama younus website usama younus website usama younus website usama younus website An announcement from its SEC on June 30 advised users of the dapp in question,


 Forsage, to stop using it immediately, and demanded that the owner officially register with the commission. Forsage describes itself as a “fully decentralized matrix marketing project,” and, “the most thought-out marketing of this type.” However, it features many of the typical hallmarks of a multi-level marketing scheme. 

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The dapp is classified by popular ranking site DappStats as a “High-Risk” application, where users profit by attracting more users to invest in multi-level “slots”. Each slot is twice as expensive as the previous, and returns twice as much profit back to the original referrer.


 The SEC advisory notice stated: “Based on numerous reports and information gathered by the Commission, the entity operating under the name FORSAGE, headed by Lado Okhotnikov, is found to be engaging in investment-taking activities in the Philippines which is NOT AUTHORIZED by the Commission.”


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