ETFore Review: Spiritual Model Farming Ponzi reboot
ETFore operates in the cryptocurrency MLM niche.
On its website, ETFore claims “Christopher Valentini is the founder of ETFore Limited”.
As far as I can tell, ETFore’s Valentini doesn’t exist.
ETFore launched in early May and operates from two known website domains:
- growetfore.company – privately registered on April 21st, 2023
- etfore.com – privately registered on March 31st, 2023
Despite existing for only a few months, on its .COM website ETFore falsely claims it “operates business from 2016”.
Further research reveals ETFore’s official marketing presentation was created by Kenneth Lacey.
On social media, Lacey pitches himself as a “socialist influencer” from Poland.
Lacey was also a “leader” in the Model Farming Ponzi scheme.
Launched in 2021, Model Farming collapsed in mid 2022.
On August 13th 2022, Lacey pitched a reboot going by MFL Mart.
Whatever MFL Mart was, it’s long gone too.
While Lacey appears to have just been a promotional leader in Model Farming, him putting together Etfore’s marketing material suggests deeper involvement.
In an attempt to appear legitimate, ETFore provides a bogus address in New York on its website (the postcode is Canadian).
ETFore also provides shell company incorporation certificates for Hong Kong and New York:
Due to the ease with which scammers are able to incorporate shell companies with bogus details, for the purpose of MLM due-diligence these certificates are meaningless.
One last thing to note is ETFore might also have links to My BTC Mining:
My BTC Mining was a short-lived “staking” crypto Ponzi that collapsed in late 2022.
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.
ETFore has no retailable products or services.
Affiliates are only able to market ETFore affiliate membership itself.
ETFore’s Compensation Plan
ETFore affiliates invest funds on the promise of an advertised passive ROI:
- Bronze – invest $100 to $9999 and receive 1.5% a day for 150 days
- Silver – invest $10,000 to $24,999 and receive 1.7% a day for 150 days
- Gold – invest $25,000 to $49,999 and receive 2.15% a day for 135 days
- Platinum – invest $50,000 to $99,999 and receive 2.5% a day for 135 days
The MLM side of ETFore pays on recruitment of affiliate investors.
In order to trap as much money in the system at any given time, ETFore heavily restricts withdrawals:
- ROI withdrawals are permitted three times a month, on the 5th, 15th and 25th for 5 hours
- MLM commission withdrawals are permitted every Friday for 3 hours
Note that ETFore charges a 7% fee on all withdrawal requests.
ETFore pays referral commissions on invested funds down three levels of recruitment (unilevel):
- level 1 (personally recruited affiliates) – 7%
- level 2 – 2%
- level 3 – 1%
ETFore pays residual commissions via a binary compensation structure.
A binary compensation structure places an affiliate at the top of a binary team, split into two sides (left and right):
The first level of the binary team houses two positions. The second level of the binary team is generated by splitting these first two positions into another two positions each (4 positions).
Subsequent levels of the binary team are generated as required, with each new level housing twice as many positions as the previous level.
Positions in the binary team are filled via direct and indirect recruitment of affiliates. Note there is no limit to how deep a binary team can grow.
At the end of each day ETFore tallies up new investment volume on both sides of the binary team.
Affiliates are paid a percentage of this volume, based on how much they’ve invested:
- Bronze tier affiliates receive an 8% residual commission rate, capped at $1000 a day
- Silver tier affiliates receive an 8% residual commission rate, capped at $2500 a day
- Gold tier affiliates receive a 9% residual commission rate, capped at $5000 a day
- Platinum tier affiliates receive a 9% residual commission rate, capped at $10,000 a day
ETFore affiliate membership is free.
Full participation in the attached income opportunity requires a minimum $100 investment.
Although they have different marketing ruses, ETFore is pretty much a reboot of Model Farming.
Whereas Model Farming pretended it was generating revenue via “agricultural activities”, ETFore has trotted out a bunch of financial ruses:
Given who was running Model Farming was never made public, it’s difficult to say whether the same scammer(s) is/are behind ETFore.
Certainly there is some overlap on the promotional side, which was can verify from Kenneth Lacey’s involvement.
In any event, ETFore fails to provide evidence of external revenue generation.
Furthermore, ETFore solicits investment on the promise of a passive return. This constitutes a securities offering, requiring ETFore to register with financial regulators.
ETFore fails to provide evidence it has registered with financial regulators in any jurisdiction. It should be noted registering a shell company is not the same as registering with financial regulators and filing audited financial reports.
ETFore’s failure to operate legally constitutes securities fraud. Securities fraud and Ponzi schemes go hand in hand.
As with all MLM Ponzi schemes, once affiliate recruitment dries up so too will new investment.
This will starve ETFore of ROI revenue, eventually prompting a collapse.
The math behind Ponzi schemes guarantees that when they collapse, the majority of participants lose money.
ETFore already heavily restricts affiliate withdrawals.
When the time inevitably comes, disappearing will be trivial.