The TrageTech Ponzi scheme has collapsed.
TrageTech’s web site was disabled on December twelfth, following an authentic October 2024 collapse and a number of US regulatory fraud warnings.
TrageTech was an MLM crypto Ponzi initially fronted by Boris CEO Michael Hearn.
After BehindMLM outed Hearn as Thailand-based UK nationwide Daniel Poole, TrageTech rolled out a second Boris CEO:
“Michael Holloway” is believed to be an Australian expat additionally residing in Thailand.
The Texas State Securities Board was first to challenge a TrageTech fraud warning in October 2024. California’s DFPI adopted a month later in November.
The Georgia Commissioner of Securities fined TrageTech and promoter Eric Ture Muhammad $500,000 every just a few days in the past.
TrageTech was formally arrange by way of a Marshall Islands shell firm. TrageTech additionally lied about being registered with the SEC as a part of its advertising and marketing.
TrageTech’s “SEC license” prolonged solely as far as the Marshall Islands shell firm submitting a bogus Kind D exemption.
Boris CEO schemes, whereby an actor is employed to play an government, are usually the work of Russian scammers. This isn’t definitive however does probably tie in to Thailand’s rising Russian inhabitants.
At time of collapse TrageTech’s web site visitors plummeted 72% month on month. As tracked by SimilarWeb, nearly all of TrageTech’s web site visitors has originated from the US since launch.
Complete investor losses are unknown however the Georgia Commissioner has pegged funds misappropriated by way of TrageTech at “over $7 million”.
