Services like Forsage (i do like the name) will not stop coming and everytime they will exploit the naive people.
Forsage is a Scam ?
Short Answer : Yes
- No Actual product, service or token
- Money inflow only from new investors
- No information about the people behind the service
- 100% Ponzi scheme, the smart contract just provides the money flow from the bottom to the top. The contract mentioned isn't actually utilized
- MLM straight out of the books
Let's talk about their intro video and break it down a little, initially I thought they hired someone to do the voice over but it seems they just used an automated voice to read out their script, I will go in a sequence
- The video opens with the typical claims of getting rich as thousand others are getting with Ethereum being sent directly in their wallets
- "World's First 100% Decentralized Matrix Project" , "programmed using ethereum smart contract Forsage" - well this doesn't work, as the smart contract is not doing anything they have just made a fancy MLM website and no Smart contract is able to make free ethereum just by sending 0.05 ETH and referring people
- "Revolutionary Smart Contract Technology" - Fancy words doing shit
- "Executes the program automatically in a decentralized way" - BS , The contract is being used to send internal Txs to defined wallets which you can see being repetitive
- With 0.05 Eth you can earn 1000ETH or more - well is there any need to go further with this crap ? It is not possible PERIOD
- 1:56 : ID 8679 has made "three hundred seventy ninety" is what the voice says while the figure is 379.625 , this made me wonder if they ran some voice script over the write-up ... weird. Same goes for every other ID it reads out
- So they have listed few IDs which we can check through their OWN website at https://lk.forsage.io/ , which doesn't mean its legit
- " Matrix Spillover Plan " funny, it claims that you can earn ethereum without even referring anyone.
- People shown in their Video - I will just add one image to answer that
- Slots , Profits << lures in naive people
- 5:19 - "You can start unstoppable passive income with forsage as we grow and help more people around the world" , Ofcourse, as Forsage grow is referring to as more people are lured into the project it will get more ETH and it will help "more people around the world" that is the scammers behind the project.
- "Not a Get quick rich scheme" , " if you need to get alot of ethereum you need to put in alot of effort" - The end their video by saying this, which is contrary to the last 5 min of their video, the video says how easy it is to get rich quick however here they mention one needs to put an effort, the effort of luring other people aswell ?
At times I wonder why I make some elaborate answers to SCAM projects which will not be here after a month or two ... Some other aspects which I would like to mention here
- forsage.io domain is being hosted by Hetzner Online on IP 188.8.131.52, they are using Cloudflare to mask their IP but forgot to close all the holes.
- The domain was registered 09-02-2020 and expires in 2021, such massive project and they register their domain for 1 year ? is something I never get
- So everyone gets rich in this platform by just submitting 0.005 ETH ?, Lets explore a random ID. ID 8680 deposited 0.05EH 95days ago which you can see in the Tx List and if you see the stats page of ID 8680 it has earned $0 , it opened one slot and forsage x3 and one slot in forsage x4 as their video asks them too. So why no love for ID 8680 after about 100 days ?
- All Forsage payments end up in this wallet: 0xdedba197cb186e6d129110e71138ef6c6ca153d8 which then sends to select wallets as can see there are a handful of outgoing addresses
After spending so much time on this I can say with confidence that it is nothing but an MLM scheme thus a SCAM, stay safe from Forsage as it's a scam
Forsage is among the top #2 Gas Guzzlers on Ethereum yet reports of SEC investigation this as a scam have emerged (https://decrypt.co/34640/philippines-sec-just-denounced-the-top-ethereum-dapp-as-a-ponzi) BE CAREFUL