CJaaS: Circle Jerk as a Service: How TROOPS INC (NASDAQ: $TROO) Buybacks, Deals, Fintech Loop Back
Reports
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January 6, 2026
CJaaS: Circle Jerk as a Service: How TROOPS INC (NASDAQ: $TROO) Buybacks, Deals, Fintech Loop Back
Reports
•
January 6, 2026
BMF Reports / BMF Capital releases short report on TROOPS Inc. (NASDAQ: TROO) due to its mounting red flags tied to circular share transactions, opaque buybacks, insider-linked entities, and unresolved legal liabilities in Hong Kong. This investigative short report examines TROO’s financial disclosures, related-party activity, and so-called fintech operations—revealing a closed-loop structure where capital appears to recycle internally rather than create real shareholder value. Based on documented filings, court injunctions, auditor concerns, and transaction timing, BMF Reports expect $TROO shares to decline 80–90% in the coming days as liquidity tightens and market participants reassess the company’s true financial condition.
BMF Reports / BMF Capital is short NASDAQ: $TROO.
TROOPS Inc. (NASDAQ: TROO) is being marketed as a diversified fintech and digital services company with exposure to insurance, APIs, blockchain, and software infrastructure. But a closer examination of the company’s disclosures, counterparties, and transaction history reveals a far more troubling picture — one defined by circular financing, related-party shell entities, judicially confirmed fraud, and financial statements that simply do not reconcile.
BMF Reports conducted a forensic review of TROO’s SEC filings, Hong Kong court records, auditor history, offshore entities, and so-called “strategic investments.” What we uncovered is not a misunderstood growth story, but a closed-loop public shell — where buybacks, investments, and revenue claims appear to recycle internally while real cash and accountability remain absent.
The red flags are extensive and persistent:
A $52 million Hong Kong court judgment tied to fraudulent asset transfers
Active winding-up proceedings against TROO subsidiaries
Reported cash of $5.2M, followed by $14.5M+ in unexplained outflows
Circular buy-sell-buyback transactions with a delisted shell (WLGS)
“Investments” into entities with no operations, no licenses, and no financials
Auditor shopping through PCAOB-censured and lightly regulated firms
A core operating subsidiary (APIGuru) run by TROO’s own CEO out of a residential address
These are not theoretical concerns. They are documented in court judgments, balance sheets, proxy filings, and public records — and together they point to a company operating on optics, not substance.
In our view, TROO’s valuation is disconnected from reality, its balance sheet is internally inconsistent, and its corporate structure mirrors the same shell-based playbook that preceded multiple prior collapses under earlier names like SGOCO and FAHLF.
Based on the financial gaps, legal exposure, and structural deception outlined in this report, we believe TROO faces an 80–90% downside risk in the coming days as these issues surface and liquidity evaporates.
This public summary only scratches the surface.
The full BMF Reports dossier includes annotated court filings, transaction diagrams, entity maps, OSINT screenshots, and a complete breakdown of how TROO’s capital flows loop back onto themselves.
Download the full TROO report below.
BMF Reports / BMF Capital is short NASDAQ: $TROO.
TROOPS Inc. (NASDAQ: TROO) is being marketed as a diversified fintech and digital services company with exposure to insurance, APIs, blockchain, and software infrastructure. But a closer examination of the company’s disclosures, counterparties, and transaction history reveals a far more troubling picture — one defined by circular financing, related-party shell entities, judicially confirmed fraud, and financial statements that simply do not reconcile.
BMF Reports conducted a forensic review of TROO’s SEC filings, Hong Kong court records, auditor history, offshore entities, and so-called “strategic investments.” What we uncovered is not a misunderstood growth story, but a closed-loop public shell — where buybacks, investments, and revenue claims appear to recycle internally while real cash and accountability remain absent.
The red flags are extensive and persistent:
A $52 million Hong Kong court judgment tied to fraudulent asset transfers
Active winding-up proceedings against TROO subsidiaries
Reported cash of $5.2M, followed by $14.5M+ in unexplained outflows
Circular buy-sell-buyback transactions with a delisted shell (WLGS)
“Investments” into entities with no operations, no licenses, and no financials
Auditor shopping through PCAOB-censured and lightly regulated firms
A core operating subsidiary (APIGuru) run by TROO’s own CEO out of a residential address
These are not theoretical concerns. They are documented in court judgments, balance sheets, proxy filings, and public records — and together they point to a company operating on optics, not substance.
In our view, TROO’s valuation is disconnected from reality, its balance sheet is internally inconsistent, and its corporate structure mirrors the same shell-based playbook that preceded multiple prior collapses under earlier names like SGOCO and FAHLF.
Based on the financial gaps, legal exposure, and structural deception outlined in this report, we believe TROO faces an 80–90% downside risk in the coming days as these issues surface and liquidity evaporates.
This public summary only scratches the surface.
The full BMF Reports dossier includes annotated court filings, transaction diagrams, entity maps, OSINT screenshots, and a complete breakdown of how TROO’s capital flows loop back onto themselves.
Download the full TROO report below.
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