A Ukrainian national accused of helping run the Forsage cryptocurrency platform has been extradited from Thailand to the United States and pleaded not guilty in federal court in Portland, Oregon. Olena Oblamska, 42, appeared before a U.S. magistrate judge on May 11 and was ordered detained ahead of a jury trial scheduled for July 14, 2026, according to a notice from the U.S. Attorney’s Office for the District of Oregon.
Oblamska, also known online as “Lola Ferrari,” is charged with conspiracy to commit wire fraud. She becomes the first of four Forsage founders to appear in a U.S. courtroom since a federal grand jury indicted the group in February 2023.
Arrest in Thailand and extradition process
Authorities arrested Oblamska in February during a raid on a condominium in Phuket’s Chalong district, according to reporting by the International Consortium of Investigative Journalists. Thai police seized phones, laptops, an iPad, computer equipment, and documents during the operation.
Thai authorities did not publicly identify her at the time. The FBI and the U.S. Department of Justice also did not confirm her detention for several months. Earlier court filings described her as Russian and suggested she may have been located in Bali, Indonesia before her arrest.
The Justice Department’s Office of International Affairs coordinated the extradition process with Thai law enforcement agencies, including the Royal Thai Police and the Office of the Attorney General of Thailand.
Allegations of a $340 million crypto scheme
Court documents allege that Oblamska and her co-defendants operated Forsage as a global Ponzi and pyramid scheme disguised as a decentralized investment platform. Prosecutors say the project promoted itself through social media and its website as a low-risk, high-return opportunity based on “smart contracts” and network marketing.
Forsage was presented as a decentralized matrix project built on Ethereum, BNB Smart Chain, and Tron. According to the indictment, investors purchased “slots” in smart contracts that automatically routed funds to earlier participants.
That structure, prosecutors argue, mirrors a classic Ponzi model, where new investor money funds earlier payouts rather than generating legitimate returns.
The Justice Department estimates that Forsage collected about $340 million from investors worldwide.
Blockchain flows and investor losses
Prosecutors say blockchain analysis showed that more than 80% of participants in Forsage’s Ethereum program received less cryptocurrency than they deposited. More than half reportedly received no payout at all.
The indictment also challenges promotional claims that dozens of users became millionaires through the platform. According to prosecutors, only one account tied to the defendants received more than $1 million in cryptocurrency.
Investigators also allege that the founders built a hidden mechanism in the “xGold” smart contract that allowed funds to be diverted into wallets under their control.
Court proceedings and possible penalties
Oblamska pleaded not guilty during her initial court appearance in Portland. A magistrate judge ordered her to remain in custody until trial. The case is scheduled for a four-day jury trial beginning July 14, 2026.
If convicted, she faces up to 20 years in federal prison, three years of supervised release, and a $250,000 fine.
U.S. Attorney Scott E. Bradford announced the proceedings. Trial Attorneys Sara Hallmark and Tian Huang from the Justice Department’s Criminal Division Fraud Section, along with Assistant U.S. Attorneys Katherine A. Rykken and Meredith Bateman, are prosecuting the case.
Multi-agency investigation spans continents
The investigation involves the FBI Portland Field Office, U.S. Secret Service, Homeland Security Investigations in New York and Bangkok, and international cooperation from Thai authorities. The Justice Department credited its Office of International Affairs for helping secure the extradition.
Forsage remains one of the earliest criminal cases targeting a so-called decentralized finance Ponzi scheme. The Securities and Exchange Commission also filed a parallel civil case in August 2022 against 11 individuals linked to the project, including U.S.-based promoters.
Wider network of defendants still at large
Three other co-defendants remain outside U.S. custody. Prosecutors identify Vladimir Okhotnikov as the operational leader of Forsage. He reportedly fled to Dubai after the scheme came under scrutiny.
Okhotnikov received a 10-year sentence in absentia in Georgia in 2024 for laundering $1.1 million tied to Forsage proceeds. Separate reporting also links him to a film project that premiered in Berlin.
Oblamska’s extradition marks a rare point of progress for U.S. authorities in a case that has stretched across multiple jurisdictions and continues to involve defendants scattered across different countries.
The Justice Department has urged Forsage investors who lost funds to come forward as potential victims and to review case information available through official channels.
An indictment remains an accusation. Oblamska is presumed innocent unless proven guilty in court.
Tanya Petrusenko
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