German financial regulators are investigating Trillant for alleged securities fraud. The Federal Financial Supervisory Authority, or BaFin, disclosed on November 22nd, 2022, that it had opened an inquiry into Trillant and its operator, EUPAC Digital Services Ltd.

BaFin’s investigation centers on claims that Trillant engaged in securities fraud. The regulator stated that EUPAC Digital Services Ltd., which operates the website trillant.com from Majuro, Marshall Islands, does not hold a banking license under the German Banking Act (KWG). BaFin believes the website’s content and other information suggest that unauthorized financial services are being offered to people in Germany.

The trillant.com website advertises tokens known as Trillant and Trillon. However, a clear, professional explanation of these tokens and their function is absent. Instead, the site mentions exchanges involving "Paraiba tokens" for Trillant. This connects Trillant to the Paraiba World Ponzi scheme, which collapsed. BaFin had previously issued a securities fraud warning for Paraiba World in June 2020.

Erich Ely, a German national, is reportedly behind both Paraiba World and Trillant. Trillant reportedly uses a staking Ponzi model, centered on its ERC-20 Trillon token. The scheme promised investors significant returns, such as 1.5% ROI for a 4-week investment, 3.5% for 9 weeks, 11% for 26 weeks, and a 50% ROI for a 52-week investment. Payments were apparently made in "Trillon Value Tokens," suggesting another layer of internal cryptocurrency within the Trillant operation.

As of May 2023, website traffic analysis from SimilarWeb showed Germany as the largest source of visitors to Trillant's website, accounting for 21% of traffic. The United States followed at 19%, with Switzerland at 16%, Guadeloupe at 13%, and Poland at 9%. Traffic from Germany had decreased by 25% in the preceding month.

Regulatory bodies in Austria and Switzerland had also issued fraud warnings concerning Paraiba World since its launch in late 2019.

By December 28th, 2023, Trillant had reportedly collapsed, with users unable to make withdrawals.