The TrageTech Ponzi scam is no longer in operation.
After a first failure in October 2024 and many US regulatory fraud alerts, TrageTech’s website was taken down on December 12.
Michael Hearn, the CEO of Boris, was the initial frontman of TrageTech, an MLM cryptocurrency scam.
It is thought that “Michael Holloway” is an Australian expat who also resides in Thailand.
In October 2024, the Texas State Securities Board issued the first fraud alert against TrageTech. One month later, in November, California’s DFPI came next.
TrageTech and promoter Eric Ture Muhammad were fined $500,000 each by the Georgia Commissioner of Securities a few days ago.
TrageTech was formally established using a shell corporation from the Marshall Islands. As part of its promotion, TrageTech allegedly misrepresented that company was registered with the SEC.
TrageTech’s “SEC licence” was only valid for a limited period of time after the Marshall Islands shell corporation filed a fraudulent Form D exemption.
Russian fraudsters are usually responsible for Boris CEO scams, which include hiring an actor to portray an executive. Although not conclusive, this may have something to do with Thailand’s increasing Russian population.
TrageTech’s website traffic fell 72% month over month at the time of the collapse. Since its start, the US has accounted for the bulk of TrageTech’s website traffic, according to SimilarWeb’s tracking.
Although the exact amount of investor losses is unclear, the Georgia Commissioner estimates that monies were embezzled via TrageTech to be “over $7 million.”
There are no reviews yet. Be the first one to write one.
