LegacyX, the second reboot of the collapsed Trust Your Universe Ponzi scheme, is under investigation in Germany.

BaFin’s investigation into LegacyX began with Trust Your Universe in December 2022. In May 2023 BaFin updated its investigation to note Trust Your Universe had rebooted as Universe Academy.

The investigation was again updated on February 28th, 2024, to note Universe Academy had been rebooted as LegacyX.

Neither Trust Your Universe, Universe Academy or LegacyX are registered to offer securities in Germany. This is the basis for BaFin’s fraud warnings and investigation.

Neighboring Austria also issued a Trust Your Universe securities fraud warning in April 2023.

Trust Your Universe, Universe Academy and LegacyX are fronted by CEO Dada Saghdoshpey (aka Dada Pey).

Pey, a German national originally from Iran, is based out of Dubai.

Since the Austrian and German Trust Your Universe fraud warnings began, Pey has gone underground.

LegacyX’s website is currently password protected. Traffic to LegacyX’s website is so low that SimilarWeb doesn’t track it.

Pending further action by German authorities, how many victims Dada Pey has scammed through his Ponzi schemes remains unclear.