The SEC has charged 11 people in connection with a $300 million crypto Ponzi scheme.

The SEC charged 11 people on Monday for their roles in the creation and promotion of a fraudulent crypto pyramid and Ponzi scheme.

These Schemes have raised over $300 million from millions of retail investors around the world, including the United States.

Forsage, the scheme, claimed to be a decentralised smart contract platform.

It enabled millions of retail investors to conduct transactions using smart contracts on the ethereum, tron, and binance blockchains.

However, the SEC claims that the setup operated like a standard pyramid scheme for more than two years.

In its formal complaint, the SEC describes Forsage as a "textbook pyramid and Ponzi scheme."

According to the complaint, "the primary way for investors to profit from Forsage was to recruit others into the scheme."