![]() “Unless there is a currently unknown vulnerability, I don't think, no, said Castonguay. When asked if the SEC had any power whatsoever to close down Forsage, Castonguay seemed doubtful-such is the nature of Ethereum’s permissionless blockchain technology. Even if the SEC dismantled the website, says Castonguay, the lack of a simple user interface would only slow the Dapp’s usage at best. It even implied that the Government cannot shut it down because it is decentralized and thus free from any authority.”ĭecrypt spoke to Ethereum researcher and developer Philippe Castonguay, who examined the Forsage code and concluded that the smart contract “can’t be halted”. The SEC notice stated: “Forsage claims that its program will continue to function even if its website “is closed for any reason. The SEC states they have already been contacted by Forsage, and what they heard did not prove helpful to the commission’s efforts. However, despite demands by the SEC that Forsage registers as a licensed security, the dapp’s operators do not appear willing to comply. ![]() The SEC advisory notice stated: “Based on numerous reports and information gathered by the Commission, the entity operating under the name FORSAGE, headed by Lado Okhotnikov, is found to be engaging in investment-taking activities in the Philippines which is NOT AUTHORIZED by the Commission.”Īccording to the SEC: “Forsage’s so-called smart contract partakes of the nature of securities through an investment contract where investors need not exert any effort other than to invest or place money in its scheme in order to profit.” Forsage refuses to comply Forsage users profit by enticing more users to buy progressivley more expensive "slots". Each slot is twice as expensive as the previous, and returns twice as much profit back to the original referrer. The dapp is classified by popular ranking site DappStats as a “High-Risk” application, where users profit by attracting more users to invest in multi-level “slots”. ![]() $0.0003438 -0.29% Terra Classic (Wormhole)įorsage describes itself as a “fully decentralized matrix marketing project,” and, “the most thought-out marketing of this type.” However, it features many of the typical hallmarks of a multi-level marketing scheme. ![]()
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