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The Guardian - US
The Guardian - US
Technology
Kari Paul and agency

Cryptocurrency fraud scheme busted by US securities agency

SEC Crypto United States
The SEC has charged 11 people in the scheme.
The SEC has charged 11 people in the scheme. Photograph: Andrew Kelly/Reuters

US authorities have busted a huge cryptocurrency pyramid scheme, charging 11 people for their role in defrauding retail investors for more than $300m worldwide.

The US Securities and Exchange Commission (SEC) announced the charges Monday, which relate to a Ponzi scheme called Forsage that had operated for more than two years. The agency charged the alleged founders of the pyramid scheme as well as several promoters.

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