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On May 9, 2026, Ukrainian national Olena Oblamska — known online as 'Lola Ferrari' — was extradited from Thailand to face U.S. charges over Forsage, which the DOJ calls a $340M global Ponzi and pyramid scheme disguised as DeFi. She pleaded not guilty in Portland on May 11/12. Forsage marketed itself as decentralized and low-risk; over 80% of Ethereum-program investors lost money. Trial is set for July 14, 2026.
“On May 9, 2026, Ukrainian national Olena Oblamska — known online as 'Lola Ferrari' — was extradited from Thailand to face U.S. charges over Forsage, which the DOJ calls a $340M global Ponzi and pyramid scheme disguised as DeFi. She pleaded not guilty in Portland on May 11/12. Forsage marketed itself as decentralized and low-risk; over 80% of Ethereum-program investors lost money. Trial is set for July 14, 2026.”
Forsage launched in early 2020 promising everyday people a slice of the DeFi revolution: smart-contract-based, decentralized, low-risk wealth. The Justice Department says it was a global Ponzi and pyramid scheme that took in roughly $340 million.
Olena Oblamska, a 42-year-old Ukrainian national, promoted the scheme under the persona 'Lola Ferrari,' blanketing social media with testimonials, webinars, and promises of life-changing returns. On May 9, 2026, she stepped off a plane from Thailand into U.S. custody. Three days later she stood before a federal judge in Portland, Oregon, pleaded not guilty to conspiracy to commit wire fraud, and was ordered held pending trial.
Forsage ran matrix-style 'slot' programs on Ethereum, Binance Smart Chain, and Tron. Money from new buyers was automatically funneled to earlier participants — the defining mechanic of a Ponzi, hard-coded into smart contracts. Independent analysis found more than 80% of investors in the Ethereum program lost money, with over half receiving nothing at all.
The SEC first charged 11 people in August 2022, including the four founders and a network of U.S. promoters called the 'Crypto Crusaders.' The DOJ followed with criminal indictments in February 2023. Oblamska's co-founders — Russian nationals Vladimir Okhotnikov, Mikhail Sergeev, and Sergey Maslakov — remain at large.
Her trial is scheduled for July 14, 2026. She faces up to 20 years.
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