Alleged Forsage Co-Founder Extradited From Thailand in $340 Million Crypto Ponzi Case

Olena Oblamska, a Ukrainian national accused of co-founding the controversial crypto investment platform Forsage, has been extradited from Thailand to the United States and pleaded not guilty in a federal court case linked to an alleged $340 million Ponzi scheme.

Oblamska, 42, who was also known online as “Lola Ferrari,” appeared in federal court in Portland, Oregon, on May 11. She faces one charge of conspiracy to commit wire fraud and could receive up to 20 years in prison if convicted. A judge ordered her to remain in custody before a four-day jury trial scheduled to begin on July 14.

Arrest in Thailand After Months of Investigation

According to investigators, Oblamska was arrested in February after Thailand’s Cyber Crime Investigation Bureau raided a condominium in Phuket’s Chalong area. Authorities reportedly seized phones, laptops, an iPad, computer equipment and documents during the operation.

Earlier reports suggested Oblamska had been hiding in Bali, Indonesia. She is the first of four accused Forsage founders to appear in a U.S. courtroom after a federal grand jury in Oregon charged the group in February 2023.

The three remaining co-defendants Vladimir Okhotnikov, Mikhail Sergeev and Sergey Maslakov are still at large.

Prosecutors Say Forsage Operated Like a Ponzi Scheme

U.S. prosecutors claim Forsage launched in January 2020 and promoted itself as a decentralized investment platform built on Ethereum, BNB Smart Chain and Tron. Investigators argue the system worked like a Ponzi scheme, where money from new investors was automatically sent to earlier participants through smart contracts after users purchased investment “slots.”

More Than 80% of Investors Reportedly Lost Money

Blockchain analysis cited by the Justice Department found that more than 80% of Ethereum-based Forsage investors received less cryptocurrency back than they deposited, while over half reportedly received nothing at all.

Authorities also challenged Forsage’s claim that 50 participants became millionaires, saying only one user ID allegedly controlled by the founders received more than $1 million in crypto proceeds.