Ukrainian Woman Extradited to the U.S. in Connection with the Forsage Crypto Pyramid Scheme: What We Know
19 May 11:17
Ukrainian citizen Olena Oblamska, co-founder of the cryptocurrency platform Forsage, has been extradited from Thailand to the United States. She is the first of four defendants in a case involving an alleged $340 million Ponzi scheme to appear before a U.S. court, according to [Komersant].
Oblamska, 42, known online under the pseudonym “Lola Ferrari,” appeared before a federal court in Portland, Oregon, on May 11, 2026. She pleaded not guilty to charges of conspiracy to commit wire fraud.
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The court ruled to keep the defendant in custody until the start of the jury trial, which is scheduled for July 14. If convicted, she faces up to 20 years in prison.
Arrest in Phuket
According to the International Consortium of Investigative Journalists, Oblamska was arrested in February 2026 during a raid by Thailand’s cybercrime unit in Phuket. During the search, law enforcement officials seized phones, laptops, an iPad, and documents.
The investigation claims that the founders of Forsage launched the platform in January 2020 and promoted it as a decentralized investment project based on Ethereum, BNB Smart Chain, and TRON.
According to the indictment, after a user purchased a “slot,” the smart contract automatically distributed funds among earlier participants. The prosecution considers this a classic sign of a Ponzi scheme.
Additionally, investigators claim that a portion of investors’ funds was transferred to wallets controlled by the defendants via the xGold smart contract.
Most investors lost their funds
According to the U.S. Department of Justice, over 80% of Forsage participants received back less money than they invested. Moreover, over half of the investors received nothing.
The prosecution also disputes the project’s claims that 50 people became millionaires thanks to the platform. Investigators assert that only one account, controlled by the scheme’s organizers themselves, received over $1 million in cryptocurrency.
The other defendants in the case— Vladimir Okhotnikov, Mikhail Sergeyev, and Sergey Maslakov —remain at large. According to the prosecutor’s office, Okhotnikov is in hiding in Dubai.
Media reports indicate that he co-wrote the screenplay and produced the film “The Holigards Saga: Portal of Power,” starring actor Kevin Spacey. Additionally, in 2024, a court in Tbilisi sentenced Okhotnikov in absentia to 10 years in prison in a money laundering case linked to Forsage.
It should be noted that the U.S. Department of Justice previously claimed that all individuals involved in the case were Russian citizens. However, a recent press release from the department now refers to Oblamskaya as a citizen of Ukraine.
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