A court in Tbilisi, Georgia, sentenced Vladimir "Lado" Okhotnikov to ten years in prison in March 2024 for money laundering. Okhotnikov, a Russian national, laundered $1.1 million in proceeds from the Forsage cryptocurrency Ponzi scheme. This conviction emerged from "The Coin Laundry" investigation, a collaborative effort by over one hundred journalists across thirty-eight news outlets, as reported by ICIJ on November 17th.
Following his interrogation by Georgian prosecutors, Okhotnikov expressed fear and handed over a suitcase containing computers, a phone, and memory cards to an associate. This individual, identified in court records as an apartment designer, then transported the items across the border into Turkey. Okhotnikov claimed he was traveling to Turkey for a commercial shoot but instead flew to Dubai two days later and never returned. Investigators noted that Okhotnikov appears to have withheld details of his Georgian conviction and subsequent prison sentence from his investors.
Forsage, a series of multi-level marketing cryptocurrency Ponzi schemes, is attributed to Okhotnikov. Meta Whale represents the eighth iteration of Forsage, with the scheme's origins dating back to early 2020. Before his departure from Georgia, Okhotnikov frequently traveled between Georgia and Dubai, though he reportedly spent the majority of his time in Georgia.
In addition to his Georgian conviction, Okhotnikov was indicted in the United States in early 2023. This indictment followed civil fraud charges filed against Forsage by the Securities and Exchange Commission (SEC) in mid-2022. The SEC's engagement with Georgian authorities prompted the investigation into Okhotnikov's laundering of Forsage investor funds.
Currently, Georgia and the United States do not have an extradition treaty, complicating efforts to bring Okhotnikov to justice. Okhotnikov also does not have an extradition treaty with the UAE. Dubai has become a known hub for MLM-related fraud and cryptocurrency crime. As of November 2025, both Georgia and the US have active international arrest warrants for Okhotnikov.
Okhotnikov initially laundered Forsage investor funds through an auto assistance business and subsequently through Georgian banks. He operated Forsage from an apartment in Tbilisi, spending most of his time at his computer producing YouTube videos. His former business associate, Petr Pak, testified in a Georgian court that he assisted Okhotnikov in converting cryptocurrency into cash. This money was then deposited into multiple accounts at two Georgian banks. A Ukrainian driver employed at the garage also deposited funds on Okhotnikov's behalf, according to Georgian court records.
The lead investigator with the prosecutor’s office stated in a witness statement, "He cited filming a commercial [in] Turkey as the reason for his move, but flew to Dubai two days later." Okhotnikov’s current whereabouts are in Dubai.