A smart contract is a feature of blockchain technology that allows the automation of transactions when certain pre-set conditions are met. These are features that are considered a given in crypto transactions.
According to the Securities Exchange Commission (SEC) press release, the company was founded in February 2020 by Vladimir Okhotnikov, Jane Doe, Mikhail Sergeev, and Sergey Maslakov, whose last known residences are in countries like Georgia, Indonesia, and Russia.
The company’s operations were spread out in at least five states, including people based in the U.S. whose jobs were to promote the company on social media and endorse its website to people.
How is Forsage a Pyramid scheme?
Forsage did not really have a product to sell but was focused on getting its customers to create crypto wallets on the platform and then bought “slots” on the smart contracts. These slots were meant to help them earn from each person they recruited to the platform, in a typical pyramid scheme, Gizmodo reported. “
