Lado Okhotnikov launched Forsage BUSD, his fifth alleged Ponzi scheme, on Binance Smart Chain, despite U.S. regulators later charging him with orchestrating a $300 million fraud. This latest iteration, Forsage BUSD, reuses the same matrix cycler model as previous collapsed schemes.

Forsage BUSD offers no actual products or services. Its affiliates sell only the chance to join the scheme itself. This structure, common to pyramid and Ponzi operations, relies entirely on new money from new participants to pay off earlier ones.

Participants invest Binance USD (BUSD) stablecoin into one of four matrix cyclers: Forsage X3, Forsage X4, Forsage XXX, and Forsage xGold. Each cycler promises returns by filling positions with new investments.

The Forsage X3 matrix operates on a 3x1 structure. An affiliate at the top fills three positions below them. There are twelve tiers, starting with a 5 BUSD investment for a 10 BUSD return. The highest tier demands 9900 BUSD for a 19,800 BUSD payout. Filling an X3 matrix claims a 200% return and creates a new position on the same tier.

Forsage X4 uses a 2x2 matrix. An affiliate fills two positions directly below them, which then split into two more each, creating a second level of four positions. This matrix also has twelve tiers, ranging from a 5 BUSD investment yielding 15 BUSD to 9900 BUSD yielding 29,700 BUSD. A filled X4 matrix promises a 300% return and a new position.

The Forsage XXX scheme uses a 2x3 matrix. This adds a third level with eight positions below the initial two and four. Its twelve tiers begin with an 8 BUSD investment for 46.4 BUSD, going up to 9696 BUSD for 56,236.80 BUSD. A completed XXX matrix purports a 580% return and a new position.

Forsage xGold expands to a 2x4 matrix, adding a fourth level with sixteen positions. This cycler has fifteen tiers, starting at 10 BUSD for 102 BUSD and reaching 9870 BUSD for 100,674 BUSD. A filled xGold matrix claims a 1020% return.

While affiliate membership is free, full participation in the income opportunity costs 89,836 BUSD, plus transfer fees. The scheme's promoters claimed the move to Binance Smart Chain and BUSD was necessary due to "high fees" on the Ethereum network and "bugs" on the Tron network.

This justification masks a core problem: previous Forsage iterations, including Forsage, Fortron, Forsage Tron, and Forsage XGold, all collapsed. Each new version simply shifts the underlying cryptocurrency, moving from Ethereum to Tron, and now to Binance Smart Chain, without altering the fundamental Ponzi structure.

The compensation math shows that most cycled funds are directed to higher tiers. This mechanism funnels money upwards, benefiting early entrants and the scheme's operators like Okhotnikov, while lower-tier participants often see their gains wiped out or never materialize. If everyone waited to cycle multiple times before upgrading, the system would quickly run out of new money.

The U.S. Securities and Exchange Commission charged Lado Okhotnikov with securities fraud on August 5, 2022. The SEC complaint also named ten additional Forsage insiders and U.S. promoters, stating that Forsage and its related schemes operated as a $300 million Ponzi.