ETFore, a cryptocurrency MLM operation, claims Christopher Valentini as its founder. However, public records suggest this individual does not exist. The company launched in May 2023, using two domains: growetfore.company, registered April 21, 2023, and etfore.com, registered March 31, 2023. Despite its recent origins, ETFore falsely asserts on its website that it has been in business since 2016.
Kenneth Lacey, who describes himself as a Polish socialist influencer on social media, created ETFore's official marketing presentation. Lacey was previously a prominent figure in the Model Farming Ponzi scheme, which began in 2021 and dissolved in mid-2022. He later promoted a reboot called MFL Mart in August 2022, which has also since disappeared. Lacey's involvement in creating ETFore's promotional materials indicates a deeper connection to the venture than merely being a recruiter.
To project an image of legitimacy, ETFore displays a fraudulent New York address on its website, complete with a Canadian postal code. The company also presents incorporation certificates for shell companies in Hong Kong and New York. These documents are of little value for due diligence purposes, as scammers can easily obtain them using fabricated information. ETFore may also have ties to My BTC Mining, a defunct cryptocurrency Ponzi scheme that operated briefly in late 2022.
ETFore lacks any actual products or services for sale. Participants can only promote ETFore affiliate memberships. The compensation structure is based on affiliate recruitment and a promised passive return on investment. Investors are categorized into tiers based on their investment amount: Bronze ($100-$9,999) earns 1.5% daily for 150 days; Silver ($10,000-$24,999) earns 1.7% daily for 150 days; Gold ($25,000-$49,999) earns 2.15% daily for 135 days; and Platinum ($50,000-$99,999) earns 2.5% daily for 135 days.
Withdrawals are severely restricted to maximize funds held within the scheme. Investors can only request ROI withdrawals three times a month, on the 5th, 15th, and 25th, for limited five-hour windows. MLM commissions can be withdrawn weekly, but only on Fridays for a three-hour period. ETFore imposes a 7% fee on all withdrawal requests.
Referral commissions are distributed down three recruitment levels. Personally recruited affiliates earn 7%, with 2% paid on the second level and 1% on the third. Residual commissions are paid through a binary structure, though details of this aspect are incomplete.
The company's operational history is questionable, with its website falsely claiming a 2016 start date. This misrepresentation is common among Ponzi schemes aiming to establish a false sense of longevity and trustworthiness. The presence of Kenneth Lacey, previously involved with the Model Farming Ponzi, further strengthens the assessment that ETFore is a fraudulent operation. The scheme's reliance on recruitment and its restrictive withdrawal policies are classic indicators of a Ponzi structure designed to collapse once recruitment slows.