Forsage: Anatomy of a Smart-Contract Pyramid Scheme

Tyler Kell, Haaroon Yousaf, Sarah Allen, Sarah Meiklejohn, Ari Juels

Abstract: Pyramid schemes are investment scams in which top-level participants in a hierarchical network recruit and profit from an expanding base of defrauded newer participants. They have existed for over a century, but their historical opacity has prevented in-depth studies.