Forsage / Olena Oblamska
Summary
Forsage was a smart-contract-based pyramid and Ponzi scheme launched in January 2020 that raised approximately $340 million from investors worldwide across the Ethereum, Tron, and Binance Smart Chain networks. Four founders — including Ukrainian national Olena Oblamska (known online as 'Lola Ferrari') and Russian national Vladimir Okhotnikov (known as 'Lado') — were indicted by the U.S. DOJ in February 2023 on conspiracy to commit wire fraud charges. As of May 2026, Oblamska has been extradited from Thailand and has pleaded not guilty, with a jury trial scheduled for July 14, 2026; the remaining three co-founders are believed to be at large.
Connected Entities
1 entities · 10 linked investigations- + 11 more
Timeline(16 events)
2020-01
Forsage.io launched by Vladimir Okhotnikov, Olena Oblamska, Mikhail Sergeev, and Sergey Maslakov. Smart contracts deployed on Ethereum, later on Tron and Binance Smart Chain.
DOJ Indictment / SEC Complaint2020-09-27
Philippines Securities and Exchange Commission issues cease-and-desist order against Forsage for illegal solicitation of investments.
Philippine Information Agency2021-03
Montana Commissioner of Securities and Insurance issues cease-and-desist order against Forsage, labeling it a scam. Founders deny allegations via YouTube.
Montana CSI2021-05
Cornell Tech researchers publish first peer-reviewed academic analysis of Forsage on arXiv, finding ~88% of participants lost money.
arXiv2022-08-01
U.S. SEC files civil complaint charging eleven individuals — including all four founders and Crypto Crusaders promoters — with fraud. Scheme characterized as a 'textbook pyramid and Ponzi scheme' with over $300 million in losses.
SEC Press Release 2022-1342022
Vladimir Okhotnikov flees to Dubai, UAE, following SEC charges and Georgian investigative pressure.
ICIJ Coin Laundry investigation2023-02-22
Federal grand jury in the District of Oregon returns criminal indictment against Okhotnikov, Oblamska, Sergeev, and Maslakov on one count of conspiracy to commit wire fraud (max 20 years).
DOJ Office of Public Affairs2024-03
A court in Tbilisi, Georgia, sentences Vladimir Okhotnikov in absentia to 10 years in prison for laundering $1.1 million in Forsage proceeds through at least 53 bank accounts. Approximately $1 million in Georgian assets seized.
ICIJ Coin Laundry investigation2024-09
Meta Force, a post-Forsage scheme launched by Okhotnikov from Dubai, collapses after allegedly attracting $574 million in investments.
ICIJ Coin Laundry investigation2024-10
Okhotnikov launches Holiverse from Dubai, combining alleged biotechnology, virtual reality, and DeFi investment elements.
ICIJ Coin Laundry investigation2025-02
Okhotnikov launches Meta Whale, another referral-based investment platform using WhaleBit tokens, from Dubai.
Behind MLM2025-08
Okhotnikov's film 'Holiguards Saga — The Portal of Force,' directed by and starring Kevin Spacey, premieres at the Venice Film Festival. ICIJ reports the film was financed in part through Elledgy Media, a company receiving funds from shell companies under money laundering scrutiny.
ICIJ Coin Laundry investigation2026-02
Olena Oblamska arrested by Thailand's Cyber Crime Investigation Bureau at a condominium in Phuket, Thailand.
ICIJ / DOJ USAO Oregon2026-05-09
Olena Oblamska extradited from Thailand to the United States under coordination between DOJ's Office of International Affairs and Thai authorities.
DOJ USAO Oregon2026-05-12
Olena Oblamska appears in U.S. District Court in Portland, Oregon, is arraigned, pleads not guilty to conspiracy to commit wire fraud, and is ordered detained pending trial.
DOJ USAO Oregon / The Block2026-07-14
Jury trial for Olena Oblamska scheduled to begin in U.S. District Court, District of Oregon (four-day trial scheduled).
DOJ USAO OregonDecision Log
- hash: 2SYGcSkTT2WHQro6akSSLFkEn1n5Y7TbG4eYxst8GBu9
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/31/2026, 7:30:39 AM
last updated: 5/31/2026, 7:35:07 AM
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