Forsage Co-Founder Extradited in $340 Million Ponzi Scheme Case

Olena Oblamska, a Ukrainian national and alleged co-founder of the Forsage cryptocurrency platform, was extradited from Thailand to the U.S. to face charges of conspiracy to commit wire fraud in a $340 million Ponzi scheme. She pleaded not guilty in federal court in Oregon on May 12, 2026. Oblamska was arrested in February 2026 during a raid by Thailand's Cyber Crime Investigation Bureau, which seized multiple electronic devices. Forsage, launched in January 2020, was marketed as a decentralized investment platform, but prosecutors allege it operated as a Ponzi scheme, with funds from new investors paid to earlier ones. The indictment claims over 80% of Forsage investors lost money, with only one user ID receiving over $1 million. Oblamska is the first of four co-defendants to be extradited, while the others remain at large. If convicted, she faces up to 20 years in prison.

Key Points: • Olena Oblamska extradited from Thailand for her role in a $340 million Ponzi scheme. • Forsage was marketed as a legitimate investment platform but operated as a Ponzi scheme. • Over 80% of Forsage investors reportedly lost money, with only one ID profiting significantly.