The TrageTech Ponzi scheme has collapsed.

TrageTech’s website was disabled on December 12th, following an original October 2024 collapse and multiple US regulatory fraud warnings.

TrageTech was an MLM crypto Ponzi originally fronted by Boris CEO Michael Hearn.

After BehindMLM outed Hearn as Thailand-based UK national Daniel Poole, TrageTech rolled out a second Boris CEO:

“Michael Holloway” is believed to be an Australian expat also living in Thailand.

The Texas State Securities Board was first to issue a TrageTech fraud warning in October 2024. California’s DFPI followed a month later in November.

The Georgia Commissioner of Securities fined TrageTech and promoter Eric Ture Muhammad $500,000 each a few days ago.

TrageTech was officially set up through a Marshall Islands shell company. TrageTech also lied about being registered with the SEC as part of its marketing.

TrageTech’s “SEC license” extended only so far as the Marshall Islands shell company filing a bogus Form D exemption.

Boris CEO schemes, wherein an actor is hired to play an executive, are typically the work of Russian scammers. This isn’t definitive but does potentially tie in to Thailand’s growing Russian population.

At time of collapse TrageTech’s website traffic plummeted 72% month on month. As tracked by SimilarWeb, the majority of TrageTech’s website traffic has originated from the US since launch.

Total investor losses are unknown but the Georgia Commissioner has pegged funds misappropriated through TrageTech at “over $7 million”.