Alleged Forsage Co-Founder Extradited to US, Pleads Not Guilty in $340M Crypto Ponzi Case

TLDR

• Olena Oblamska was extradited from Thailand to the U.S. in the Forsage crypto fraud case.
• She pleaded not guilty to conspiracy to commit wire fraud in Oregon federal court.
• Prosecutors allege Forsage operated as a $340M crypto Ponzi and pyramid scheme.
• Blockchain analysis cited by prosecutors found over 80% of Ethereum users lost money.
• Three co-defendants, including alleged leader Vladimir Okhotnikov, remain at large.

A Ukrainian national accused of helping create the Forsage crypto investment platform has pleaded not guilty in a U.S. federal court after being extradited from Thailand to face charges tied to an alleged $340 million Ponzi scheme.

Olena Oblamska, 42, also known online as “Lola Ferrari,” appeared in federal court in Portland, Oregon, after her transfer to the United States. She was arraigned on one count of conspiracy to commit wire fraud, according to the U.S. Attorney’s Office for the District of Oregon.

A magistrate judge ordered Oblamska detained ahead of a jury trial scheduled to begin on July 14. If convicted, she faces up to 20 years in federal prison, three years of supervised release and a $250,000 fine.

Oblamska is the first of four Forsage co-defendants to be brought into U.S. custody. Her co-defendants, Russian nationals Vladimir Okhotnikov, Mikhail Sergeev and Sergey Maslakov, remain at large.

Thailand Arrest Led to U.S. Extradition

Thai cybercrime officers arrested Oblamska in February at a condominium in Chalong, a district in Phuket. Officers seized mobile phones, computer equipment, a laptop, an iPad and documents during the raid.

Thai authorities did not publicly identify her at the time of the arrest. The International Consortium of Investigative Journalists later reported that she had been taken into custody and extradited to the United States in early May.

Oblamska had previously been believed to be hiding in Bali, Indonesia. Earlier filings had also described her as Russian, though recent court records identify her as Ukrainian.

U.S. Attorney Scott Bradford announced the extradition after Oblamska’s transfer to Oregon. The case is being investigated by the FBI’s Portland Field Office, the U.S. Secret Service and Homeland Security Investigations offices in New York and Bangkok.

Prosecutors Say Forsage Used Smart Contracts for Ponzi Payments

Prosecutors allege that Oblamska and the other defendants launched Forsage in 2019 or 2020 and promoted it as a decentralized crypto investment platform using smart contracts on Ethereum, BNB Smart Chain and Tron.

According to the indictment, users were required to purchase positions, or “slots,” in the program using cryptocurrency. Funds from newer participants were then routed automatically to earlier participants through smart contracts, which prosecutors say reflected a Ponzi-style structure.

Authorities also claim the founders diverted a portion of investor funds through wallets they controlled, including through a feature called the “xGold” smart contract.

Blockchain analysis cited by the Justice Department found that more than 80% of participants in Forsage’s Ethereum program received less ETH than they deposited. Prosecutors also said more than half of users received no payout.

The founders had previously claimed that 50 participants became millionaires through Forsage. Prosecutors dispute that claim, saying blockchain records showed only one user ID controlled by the defendants received more than $1 million in cryptocurrency.

SEC Case and Co-Defendants Remain Active

The U.S. Securities and Exchange Commission filed civil fraud charges in 2022 against 11 people connected to Forsage, including the four founders and several U.S.-based promoters known as the “Crypto Crusaders.”

The criminal indictment followed in February 2023. Prosecutors have described the case as one of the first U.S. criminal actions targeting an alleged decentralized finance Ponzi scheme.

Okhotnikov, described by prosecutors as a leader of Forsage operations, has remained outside U.S. custody. He has reportedly lived in Dubai and has maintained his innocence. Georgian authorities sentenced him in absentia in 2024 in a separate money laundering case tied to Forsage proceeds.

Okhotnikov also resurfaced in media reports as a co-writer, co-producer, and actor in a film involving Kevin Spacey.

The Justice Department has asked Forsage investors who lost funds to contact authorities as potential victims. Oblamska’s July trial will be the first U.S. courtroom test involving one of the platform’s alleged founders.