ETFore operates within the cryptocurrency MLM area of interest.
On its web site, ETFore claims “Christopher Valentini is the founding father of ETFore Restricted”.
So far as I can inform, ETFore’s Valentini doesn’t exist.
ETFore launched in early Could and operates from two identified web site domains:
- growetfore.firm – privately registered on April twenty first, 2023
- etfore.com – privately registered on March thirty first, 2023
Regardless of current for only some months, on its .COM web site ETFore falsely claims it “operates enterprise from 2016”.
Additional analysis reveals ETFore’s official advertising and marketing presentation was created by Kenneth Lacey.
On social media, Lacey pitches himself as a “socialist influencer” from Poland.
Lacey was additionally a “chief” within the Mannequin Farming Ponzi scheme.
Launched in 2021, Mannequin Farming collapsed in mid 2022.
On August thirteenth 2022, Lacey pitched a reboot going by MFL Mart.
No matter MFL Mart was, it’s lengthy gone too.
Whereas Lacey seems to have simply been a promotional chief in Mannequin Farming, him placing collectively Etfore’s advertising and marketing materials suggests deeper involvement.
In an try to look reputable, ETFore gives a bogus deal with in New York on its web site (the postcode is Canadian).
ETFore additionally gives shell firm incorporation certificates for Hong Kong and New York:
As a result of ease with which scammers are capable of incorporate shell firms with bogus particulars, for the aim of MLM due-diligence these certificates are meaningless.
One very last thing to notice is ETFore may also have hyperlinks to My BTC Mining:
My BTC Mining was a short-lived “staking” crypto Ponzi that collapsed in late 2022.
As at all times, if an MLM firm is just not overtly upfront about who’s working or owns it, suppose lengthy and arduous about becoming a member of and/or handing over any cash.
ETFore’s Merchandise
ETFore has no retailable services or products.
Associates are solely capable of market ETFore affiliate membership itself.
ETFore’s Compensation Plan
ETFore associates make investments funds on the promise of an marketed passive ROI:
- Bronze – make investments $100 to $9999 and obtain 1.5% a day for 150 days
- Silver – make investments $10,000 to $24,999 and obtain 1.7% a day for 150 days
- Gold – make investments $25,000 to $49,999 and obtain 2.15% a day for 135 days
- Platinum – make investments $50,000 to $99,999 and obtain 2.5% a day for 135 days
The MLM facet of ETFore pays on recruitment of affiliate traders.
Withdrawal Restrictions
With a view to lure as a lot cash within the system at any given time, ETFore closely restricts withdrawals:
- ROI withdrawals are permitted 3 times a month, on the fifth, fifteenth and twenty fifth for five hours
- MLM fee withdrawals are permitted each Friday for 3 hours
Be aware that ETFore expenses a 7% charge on all withdrawal requests.
Referral Commissions
ETFore pays referral commissions on invested funds down three ranges of recruitment (unilevel):
- degree 1 (personally recruited associates) – 7%
- degree 2 – 2%
- degree 3 – 1%
Residual Commissions
ETFore pays residual commissions through a binary compensation construction.
A binary compensation construction locations an affiliate on the prime of a binary crew, cut up into two sides (left and proper):
The primary degree of the binary crew homes two positions. The second degree of the binary crew is generated by splitting these first two positions into one other two positions every (4 positions).
Subsequent ranges of the binary crew are generated as required, with every new degree housing twice as many positions because the earlier degree.
Positions within the binary crew are stuffed through direct and oblique recruitment of associates. Be aware there is no such thing as a restrict to how deep a binary crew can develop.
On the finish of every day ETFore tallies up new funding quantity on either side of the binary crew.
Associates are paid a share of this quantity, based mostly on how a lot they’ve invested:
- Bronze tier associates obtain an 8% residual fee price, capped at $1000 a day
- Silver tier associates obtain an 8% residual fee price, capped at $2500 a day
- Gold tier associates obtain a 9% residual fee price, capped at $5000 a day
- Platinum tier associates obtain a 9% residual fee price, capped at $10,000 a day
Becoming a member of ETFore
ETFore affiliate membership is free.
Full participation within the connected revenue alternative requires a minimal $100 funding.
ETFore Conclusion
Though they’ve totally different advertising and marketing ruses, ETFore is just about a reboot of Mannequin Farming.
Whereas Mannequin Farming pretended it was producing income through “agricultural actions”, ETFore has trotted out a bunch of economic ruses:
Given who was working Mannequin Farming was by no means made public, it’s troublesome to say whether or not the identical scammer(s) is/are behind ETFore.
Actually there’s some overlap on the promotional facet, which was can confirm from Kenneth Lacey’s involvement.
In any occasion, ETFore fails to supply proof of exterior income technology.
Moreover, ETFore solicits funding on the promise of a passive return. This constitutes a securities providing, requiring ETFore to register with monetary regulators.
ETFore fails to supply proof it has registered with monetary regulators in any jurisdiction. It ought to be famous registering a shell firm is just not the identical as registering with monetary regulators and submitting audited monetary stories.
ETFore’s failure to function legally constitutes securities fraud. Securities fraud and Ponzi schemes go hand in hand.
As with all MLM Ponzi schemes, as soon as affiliate recruitment dries up so too will new funding.
It will starve ETFore of ROI income, ultimately prompting a collapse.
The maths behind Ponzi schemes ensures that once they collapse, nearly all of individuals lose cash.
ETFore already closely restricts affiliate withdrawals.
When the time inevitably comes, disappearing might be trivial.
