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Could a Forsage scam collapse push ETH price lower?

forsage scam

An Ethereum trader has cried out that the new Forsage scam that is carried out with Ethereum could drag the price of the digital asset down.

2019 saw one of the biggest scams of Ethereum take place in which the developers were able to cart away with nothing less than $2 billion in crypto. Even though the life span of the platform was very short, it was able to gather enough funds that the operators tried to steal after the collapse of the website. 

According to experts, this move was one of the reasons that caused the Ethereum price crash that happened around the end of 2019. Unfortunately, another group of scammers are now on the prowl with a new Forsage scam.

Dovey Wan says Forsage scam has roots in the Philippines

Even though the Forsage scam is still fresh off the chart, it has been able to gather massive amounts of participants who look to make money via smart contracts. Although most of the experts have ignored the scam, Dovey Wan, a partner of primitive capital has warned the general public against the scam. 

Dovey Wan said

This new Ponzi scheme has its roots in the Philippines and has spread to other English speaking countries.

The Forsage scam has drawn the attention of the Securities Exchange Commission after the body made a law banning it.

Forsage scam has been able to gather around $200 million in Ethereum

Experts have warned that in the wake of a potential collapse by the new Forsage scam might harm the price of Ethereum. Dovey Wan stated that if the authorities eventually seize the assets on the forage platform, then it would spell something bad for Ethereum

Backing up Dovey Wans claims, a trader who is known by a pseudonym has stated that about $200 million worth of Ethereum has already been accumulated in the platform. If it is eventually seized, it would be sold to exchanges across the globe if it comes down to it.

Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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