Crypto Times Logo Black
Google News Follow Banner
  • News
    • Market
    • Bitcoin
    • Ethereum
    • Altcoins
    • Regulations & Policies
    • DeFi News
    • Blockchain News
    • Industry
  • Exclusive
    ExclusiveShow More
    Internet Computer (ICP) Tops Blockchain Transactions Chart: Here’s What It's Actually Doing
    Internet Computer (ICP) Tops Blockchain Transactions Chart: Here’s What It’s Actually Doing
    Ethereum’s Staking War Why EIP-8361 Has DeFi Leaders Fighting Back
    Ethereum’s Staking War: Why EIP-8361 Has DeFi Leaders Fighting Back
    Nothing Is 100% Safe in Crypto Bitcoin’s Coldcard Exploit and Growing Security Crisis 
    Nothing Is 100% Safe in Crypto: Bitcoin’s Coldcard Exploit and Growing Security Crisis 
    From BitMEX to Leap Wallet 100+ Crypto Projects Have Shut Down in H1 2026
    From BitMEX to Leap Wallet: 100+ Crypto Projects Have Shut Down in H1 2026
    July Crypto Stock Breakdown Why MSTR, BMNR Held Gains as IREN, WULF, RIOT, ABTC Dropped
    July Crypto Stock Breakdown: Why MSTR, BMNR Held Gains as IREN, WULF, RIOT, ABTC Dropped
  • Opinion
    OpinionShow More
    The Architecture of Trust Same Routes, New Risks in Global Tokenisation
    The Architecture of Trust: Same Routes, New Risks in Global Tokenisation
    The Architecture of Trust What 4,000 Years of Trade Teach Us About RWA Tokenisation
    The Architecture of Trust: What 4,000 Years of Trade Teach Us About RWA Tokenisation
    One P2P Trade, Months of Limbo Why Innocent Indian Crypto Users Keep Paying the Price
    One P2P Trade, Months of Limbo: Why Innocent Indian Crypto Users Keep Paying the Price
    CLARITY Act The Bill Exists, the Deal Does Not, Trump Has to Wait
    CLARITY Act: The Bill Exists, the Deal Does Not, Trump Has to Wait
    The Execution Gap: Why the Next Breakthrough in Financial AI is Human Behavior
    The Execution Gap: Why the Next Breakthrough in Financial AI is Human Behavior
  • Learn
    • Explained
    • How To
    • Insights
  • Videos
  • More
    • About Us
    • Our Authors
    • Contact Us
    • Editorial Policy
The Crypto TimesThe Crypto Times
  • All News
  • Market
  • Bitcoin
  • Ethereum
  • Altcoins
  • Regulations & Policies
  • Blockchain
  • DeFi
  • Industry
  • Exclusive
  • Opinion
Search
  • News
    • Market
    • Bitcoin
    • Ethereum
    • Altcoins
    • Regulations & Policies
    • Blockchain
    • DeFi
    • Industry
    • Exclusive
    • Opinion
  • Learn
    • Explained
    • How To
    • Insights
  • Quick Links
    • About Us
    • Our Authors
    • Contact Us
    • Editorial Policy
    • AI Policy
    • Sponsored & Advertorial Policy
  • Videos
  • Glossary
Follow US
© 2026 By Crypto Times. All Rights Reserved.
Industry

Forsage Crypto Ponzi: Promoter ‘Lola Ferrari’ Extradited to U.S. in $340M Fraud Charges

Oblamska’s capture marks a significant win for investigators while other Forsage founders remain at large, believed to be in Russia and Georgia.

Written By Gopal Solanky
Published 2026-05-14·Updated 3 months ago
Make The Crypto Times preferred on GoogleGoogle
Forsage Crypto Ponzi: Promoter 'Lola Ferrari' Extradited to U.S. in $340M Fraud Charges
AI-generated visual for illustration purposes only
Show AI Summary
Olena Oblamska, a 42-year-old Ukrainian woman, faces charges for her role in a massive cryptocurrency scheme.
As a founder of Forsage, Oblamska, also known as ‘Lola Ferrari’, allegedly helped promote a Ponzi scheme to investors worldwide.
Alongside three Russian co-founders, Oblamska is accused of siphoning off millions of dollars from the $340 million scheme.

A Ukrainian woman who styled herself the glamorous “goddess” of one of the largest cryptocurrency investment schemes in history appeared in a U.S. federal court this week, facing charges that she helped fleece investors out of hundreds of millions of dollars. 

Olena Oblamska, 42, stepped off a plane from Thailand on May 9, 2026, into the hands of U.S. authorities. Three days later, on May 11, she stood before a judge in Portland, pleaded not guilty to conspiracy to commit wire fraud, and was ordered held in custody pending trial. A four-day jury trial is set for July 14.

The case centers on Forsage, a platform launched in early 2020 that promised everyday people a slice of the decentralized finance (DeFi) revolution. The project’s promoters touted smart contracts on Ethereum, Binance Smart Chain, and Tron as a foolproof way to earn passive income. But what investors got, prosecutors say, was a classic Ponzi and pyramid scheme dressed up in blockchain jargon. 

How the Scheme Worked — and Why It Collapsed for Most

According to the 2023 federal indictment, participants bought “slots” in Forsage’s matrix-style programs. Under this functioning, money from new buyers was automatically funneled to earlier ones, creating the illusion of returns. Court records show the smart contracts were coded so that funds flowed upward, not into any genuine investment activity.

Blockchain analysis later revealed the stark reality, showing that more than 80% of investors in the Ethereum program received less money back than they put in. Over half got nothing at all. Meanwhile, the four founders—including Oblamska—allegedly siphoned off millions through specially coded wallets. 

Forsage led roughly $340 million from victims scattered across the globe. Many were ordinary retail investors chasing crypto dreams during the 2020-2021 bull run.

Oblamska, known online as “Lola Ferrari,” played a key role in the hype machine. She and her co-founders—Russian nationals Vladimir Okhotnikov (aka “Lado”), Mikhail Sergeev (aka “Mike Mooney” or “Gleb”), and Sergey Maslakov—blanketed social media with testimonials, webinars, and promises of life-changing wealth. “Low risk, high reward,” the pitch went. In truth, the only consistent winners were those at the top.

Years in the Making: From SEC Civil Suit to Criminal Extradition

U.S. authorities have chased Forsage for years. The Securities and Exchange Commission (SEC) filed a civil complaint in August 2022, charging 11 people total, including the four founders and a network of American promoters tied to a group called the “Crypto Crusaders.” The DOJ followed with criminal indictments in February 2023.

While the other founders remain at large—believed to be in Russia, Georgia, or elsewhere—Oblamska’s capture marks a significant win for investigators. Thai police and justice officials worked with the DOJ’s Office of International Affairs to make the extradition happen. The FBI’s Portland Field Office, U.S. Secret Service, and Homeland Security Investigations offices in New York and Bangkok led the probe.

In court filings, prosecutors paint Oblamska not as a minor player but as someone deeply involved in promotion and operations. If convicted, she faces up to 20 years in prison, three years of supervised release, and a $250,000 fine. 

Crypto’s Growing Role in Modern MLM and Matrix Schemes

Cryptocurrency has supercharged the old-school mechanics of multi-level marketing (MLM) and matrix-style compensation plans, giving them a veneer of technological sophistication and global reach that traditional pyramid operations could only dream of. 

Smart contracts on blockchains like Ethereum and Tron automate recruitment payouts, create the illusion of transparency, and allow operators to move funds across borders with minimal friction. What once required cumbersome paperwork and cash handling now runs on code that promises “decentralized” returns—even as the underlying economics remain classic: new money funds the early participants while the structure inevitably collapses on late entrants.

The trend has accelerated sharply in recent years. Developers now openly market “crypto MLM software” supporting binary, matrix, unilevel, and hybrid plans with instant stablecoin settlements, AI-powered genealogy tracking, and token incentives. 

Reports from 2025–2026 show pyramid and Ponzi schemes—many built around matrix models—pulling in roughly $6.1 billion in victim funds, a 49% jump from the prior year. Such high-profile cases like Forsage demonstrated how effectively these schemes can scale. 

Regulators and analysts note that blockchain’s pseudonymity, combined with aggressive social media promotion and DeFi jargon, has lowered barriers for both operators and desperate retail investors chasing passive income in volatile markets.

This fusion of crypto and MLM continues to evolve, with hybrid platforms blending network marketing commissions and actual trading features. While legitimate projects explore tokenization and DAO governance, the line between innovation and fraud remains dangerously thin—especially when recruitment remains the primary driver of “returns.” 

Authorities warn that the technology may be new, but the risks to participants are as old as any get-rich-quick scheme. 

The Human Cost Behind the Numbers

Forsage’s victims weren’t just faceless wallets on a blockchain. Many were middle-class families in the U.S., Europe, Asia, and Latin America who poured savings into what looked like the future of money. Some lost life savings. Others borrowed against homes or maxed out credit cards chasing promised matrix payouts that never materialized. 

The DOJ is actively encouraging victims to come forward through its victim notification system. Identifying themselves could help prosecutors build stronger forfeiture cases and potentially recover some funds, though crypto tracing and international hurdles make full restitution rare. 

Broader Warning in a Still-Wild Crypto Landscape

This extradition arrives against a backdrop of record crypto crime volumes. 2025 saw illicit flows top $150 billion—according to a report by blockchain analytics firm TRM Labs—fueled by sophisticated scams that increasingly blend romance tactics, AI deepfakes, and DeFi jargon. 

Forsage stands out as one of the first major criminal cases targeting a so-called DeFi project. Regulators and prosecutors have signaled they won’t let the “decentralized” label shield operators from old-fashioned fraud statutes. Smart contracts may run automatically, but someone still writes the code—and allegedly rigs the game.

For now, Oblamska sits in federal custody in Oregon. Court records show that her lawyers have yet to offer a detailed public defense, but the not-guilty plea sets the stage for what could become a closely watched trial this summer. 

Outside the courthouse, the message from authorities is blunt: flashy crypto promises that rely on recruitment more than real returns deserve heavy skepticism. In the world of digital assets, the house—or the matrix—doesn’t always win, but the founders often do. 

Also read: Bithumb Sounds Alarm as AI Phishing Crypto Scams Sweep South Korea

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

Follow The Crypto Times on Google News to Stay Updated!      Google News

TAGGED:Crypto ScamUnited States
Share This Article
Whatsapp Whatsapp LinkedIn Telegram Copy Link

Latest News

RedotPay Delays $1B US IPO to 2027 Amid Binance Lawsuit
RedotPay Delays $1B US IPO to 2027 Amid Binance Lawsuit
Core Scientific Buys Rival Miner's 440 MW Campus to Run AI Workloads
Core Scientific Buys Rival Miner’s 440 MW Campus to Run AI Workloads
Kraken Parent Payward’s Q2 Profit Falls 71% YoY to $23M, Revenue Rises 17%
Kraken Parent Payward’s Q2 Profit Falls 71% YoY to $23M, Revenue Rises 17%
Anthropic IPO: Binance Contract Hits $1.5T Valuation as Investors Eye $2T
Anthropic IPO: Binance Contract Hits $1.5T Valuation as Investors Eye $2T
Singapore’s SPF & CSA Report $11.8M Losses From Crypto Job Scams
Singapore’s SPF & CSA Report $11.8M Losses From Crypto Job Scams

Find Us on Socials

You may also like

MSCI Proposal Would Cut Strategy and Metaplanet From Global Indexes

MSCI Proposal Would Cut Strategy and Metaplanet From Global Indexes

Gemini Stock Falls After Q2 Report as $16.1M Loss Offsets 37% Revenue Surge

Gemini Stock Drops After Q2 Results Show $107M Net Loss, 37% Revenue Growth

SEC Cancels Crypto Rulemaking Meeting Amid CLARITY Act Stalemate

SEC Cancels Crypto Rulemaking Meeting Amid CLARITY Act Stalemate 

White House Plans Crypto Meeting Ahead of CFTC Advisory Session

White House Plans Crypto Meeting Ahead of CFTC Advisory Session

The Crypto Times Logo PNG

Providing real-time, accurate Crypto reporting. Your trusted source for Crypto News and Research.

Stay Updated

All News
Exclusive
Opinions
Learn
Videos
Glossary

Company

About Us
Our Authors
Editorial Policy
AI Policy
Advertorial Policy

Get In Touch

Contact Us
Career

Find Us on Socials

X-twitter Linkedin Telegram Youtube Instagram

© 2026 The Crypto Times | A BITROCK TECHNOLOGIES L.L.C. Company.

DMCA.com Protection Status
  • Terms and Conditions
  • Disclaimer
  • Privacy Policy
  • Cookie policy
Do Not Sell or Share My Personal Information