It has been a miserable August for crypto — and it's only the third day of the month.
, Wall Street's top watchdog calls Forsage a "textbook pyramid and Ponzi scheme," in which Forsage aggressively promoted its smart contracts through online promotions and new investment platforms, all while not selling "any actual, consumable product." The complaint adds that "the primary way for investors to make money from Forsage was to recruit others into the scheme.
"Fraudsters cannot circumvent the federal securities laws by focusing their schemes on smart contracts and blockchains." Three of the 11 people are U.S.-based individuals charged as promoters who endorsed Forsage on their social media platforms: Samuel D. Ellis, of Louisville, Kentucky, Mark F. Hamlin, of Henrico, Virginia, and Sarah L. Theissen, of Hartford, Wisconsin. Ellis and Theissen, neither of whom admitted nor denied the allegations, agreed to settle the charges, subject to court approval.
"Without prior programming experience, any user could simply copy the original attackers' transaction call data and substitute the address with theirs to exploit the protocol," said Victor Young, founder and chief architect of crypto startup Analog. "I can only hope that developers and projects will learn that they are running a critical piece of software," Adrian Hetman, tech lead at Web3 security firm Immunefi, told CNBC.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New on Netflix August 2022: The 10 best things you can stream this monthDon't waste your time scrolling, and watch this.
Read more »
August deals: The items you can save on this monthConsumer Reports says the month of August is jam-packed with opportunities to save big during Labor Day and back-to-school sales. 💰
Read more »
Universal Birthday For All Rescue Pups Celebrated On August 1Since a lot of owners don't know their rescue dog's actual birthdays, August 1 is the universal birthday for all of the pups.
Read more »
Bitcoin mining stock report: Monday, August 1Here's how crypto mining companies performed on Monday, August 1.
Read more »
August 2022 movie preview: Bullet Train speeds into theaters | Digital TrendsAugust 2022 sees the release of the Brad Pitt thriller Bullet Train, the A24 horror Bodies, Bodies, Bodies, Three Thousand Years of Longing, and more!
Read more »
The best family movies on Netflix right now (August 2022) | Digital TrendsFrom animated tales to live-action adventure flicks, Netflix's collection of family films features movies for everyone.
Read more »