Forsage BUSD – a name one would commonly hear on social media. People view Forsage as a potential opportunity for making money through decentralized multi-level marketing (MLM). On the other hand, many have raised concerns about its sustainability, legality, and potential for fraudulent activities. So, is Forsage legit? Or is it a scam?
We will voice our opinion in this write-up. Rest we would advise you to do your own research.
How Does Forsage Work?
Forsage is a decentralized, international, self-executing Ethereum smart contract-based platform that operates on the blockchain.
Founded in 2020, Forsage offers a decentralized matrix marketing system on the Ethereum blockchain. It operates using a strategy. The company allows members to earn commissions by referring others to the platform.
The platform uses a smart contract to execute transactions and distribute payments to members in a transparent, secure, and automated manner.
Members can join Forsage by purchasing a membership level with Ethereum cryptocurrency and then inviting others to join as well.
In simple terms, the companies like Forsage pay their clients through referrals. First, they would ask you to pay a registration fee. Later on, you would be required to bring your referrals to the platform to earn from Forsage.
The more your referral chain would grow, the more you would earn from such companies. That is the basic roadmap for earning on Forsage.
If you want to know more about how Forsage works and pays its clients, we recommend you to read this article.
But hold on! The real question of Forsage being legit or a scam is still unaddressed.
It is important to do your own research and exercise caution before investing in any MLM or cryptocurrency-based platform.
Is Forsage Legit?
There are no shortcuts in the world. Similarly, believing get rich quick schemes is simply living in a fool’s paradise.
Forsage is a total scam. Any company that asks clients for investment is a total scam. These companies trap the clients by making them believe that they are genuine. To do this, such companies initially pay their clients to make them believe that it is real and bring more referrals to grow their earnings.
But once, the company earns enough amount of money from clients, it simply shut off and runs away. Later on, the company starts its operations again under a new name.
In short, Forsage is a Ponzi – a type of fraud where the company pays the existing customers with the funds of new customers. There are a few lucky early investors who would get their return but overall circa 98% of the investors will get rekt.
Now, it is entirely your luck if you get your return before the company runs.
Proof of Forsage being a Scam
Recently, the U.S. Justice Department has indicted the founders of Forsage for running a $340 Million Ponzi scheme.
In August 2022, the U.S. charged 11 members of the Forsage group over an alleged $300 Million crypto fraud.
Apart from these, numerous reports and incidents of scams are reported on social media every day. People invest 2 and get 4. They further invest 4 and get 8. This brings a lot of excitement. When you would finally invest 100 or your entire portfolio, you would get nothing.
Let us know what you think of Forsage or share your experience with us in the comment section. This will help others make a more informed decision on making investments and investing time in companies like Forsage.