BlackFort Wallet Review: BXN token “nodes” Ponzi
BlackFort Wallet fails to disclose who owns or runs the company on its website.
Instead, BlackFort Wallet represents it is incorporated in Estonia and the BVI;
BlackFort Wallet & Exchange is the trading name of the company incorporated in the Republic of Estonia under the name BlackFort Tech Estonia OU and comprises of the following sister company.
BlackFort Inc (BVI) – Is part of global OP setup. It operates the creation and concepting of the BXF token economy as well as the rights to it.
It also serves the purpose of a possible expansion to other jurisdictions.
Although it’s less common today, a few years back Estonia was marketing itself a blockchain bro paradise.
This saw scammers incorporate their crypto scams there to gain access to banking channels.
With respect to BlackFort Wallet, this likely ties into BlackFort Exchange.
BlackFort Wallet Services provided by Blackfort Tech Estonia OÜ, Cryptocurrency Wallet & Exchange License number FVT000100.
BlackFort Exchange is accessed through an app and serves as BlackFort Wallet’s online presence.
The domain (“blackfort.exchange”) was first registered in 2019. The private domain registration was last updated in July 2021.
BVI needs no introduction as a scam-haven. BlackFort Inc. is another shell company, incorporated in the BVI for nefarious purposes.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
BlackFort Wallet’s Products
BlackFort Wallet has no retailable products or services.
Affiliates are only able to market BlackFort Wallet itself.
BlackFort Wallet’s Compensation Plan
BlackFort Wallet affiliates invest ethereum in BXF tokens.
This is done on the promise of advertised returns:
- invest up to 1 ETH in BXF tokens and receive a 10% ROI
- invest 1 to 2 ETH in BXF tokens and receive a 15% ROI
- invest 2 to 4 ETH in BXF tokens and receive a 20% ROI
- invest 4 or more ETH in BXF tokens and receive a 25% ROI
BlackFort don’t specify an investment period.
The MLM side of BlackFort pays on recruitment of affiliate investors.
BlackFort Wallet pays affiliates 10% of funds invested in BXN tokens.
I can confirm BlackFort Wallet pays residual commissions, however specifics are not provided.
Instead of actual details, this is all BlackFort Wallet offers up;
BlackFort wants to make building a team to be both fun and profitable for everyone.
Depending on your own purchases, direct affiliates and their affiliates you start to earn team bonuses, that means the more you and your team bring awareness to partners and the market about BlackFort Wallet, the more you and your partners stand to earn.
Not knowing how you get paid as an affiliate isn’t “fun”.
Joining BlackFort Wallet
BlackFort Wallet affiliate membership appears to be free.
Full participation in the attached income opportunity requires an ethereum investment in BXF tokens.
BlackFort Wallet don’t specify a minimum investment amount.
BlackFort Wallet Conclusion
BlackFort Wallet do a terrible job at marketing themselves. On that basis alone it’s difficult to take them seriously as an MLM company.
What information is available paints BlackFort Wallet as a simple shit token Ponzi scheme.
BlackFort Wallet’s investment scheme is dressed up as “buying nodes” blockchain bro jargon. It’s meaningless.
BXF is an ERC-20 token. These take five minutes to set up on the ethereum blockchain at little to no cost.
You hand over ethereum, you get BXF tokens for a non-publicly disclosed price, you park these with BlackFort Wallet and collect a passive ROI.
The ROI is paid in BXF, which means ultimately a bunch of investors are going to be left holding the bag.
The only verifiable source of revenue entering BlackFort Wallet is new investment.
Using new investment to pay BXF token investment scheme withdrawals makes BlackFort Wallet a Ponzi scheme.
It should be noted that BlackFort Wallet is not registered to offer securities in any jurisdiction. Incorporating shell companies in the BVI and Estonia is not a substitute.
By not registering its passive investment scheme with financial regulators, BlackFort Wallet is committing securities fraud. Securities fraud is illegal the world over.
As with all MLM Ponzi schemes, once affiliate recruitment dries up so too will new investment.
This will starve BlackFort Wallet of ROI revenue, eventually prompting a collapse.
The math behind MLM Ponzi schemes guarantees that when they collapse, the majority of participants lose money.