Unsurprisingly, EtherChain tries its best to hide the name of its founder. Many such Ponzi schemes do that to avoid legal issues. However, I found out that Andreas Kartrud is running EtherChain.io from Skane, Sweden. The company outrightly lies about its origin as a well-established crypto trading and mining company.
In truth, EtherChain.io was recently created on 1st June 2020. In terms of the interface and structure of the website itself, it is very poorly designed, to say the least. At the very start, the company describes itself as the world’s first decentralized support fund, without giving any proof. Moreover, it has a page of Top 4 Sponsors, but once you enter it, it does not provide any further details. The company starts raising red flags from the very start of its inspection. Keep reading this review to find out whether EtherChain is legit or a scam.
What is EtherChain?
EtherChain is an Ethereum-based crypto company. It claims to be the world number 1 decentralized Ethereum network. Furthermore, EtherChain.io states that it has Ethereum smart contracts in the network marketing area. The company states many other features as well, such as a tamper-proof and non-corruptible network.
EtherChain.io promises a daily 1% ROI of the investment for up to 310 days. It simply means that the company promises a total ROI of 310%. Moreover, it says that you will be able to track all kinds of transactions through the Etherscan feature of the company.
Owner of EtherChain
Andreas Kartrud is the founder of EtherChain. He was involved in many previous crypto scams. Shopping Sherlock, SwissCoin, WoToken, Up2Give, KryptoGlobe, and XOXO Network were all scam crypto companies that were run by Kartrud. Research indicates that Kartrud is running the company from Sweden. Keep in mind that most of the MLM companies and scam crypto mining and trading platforms are not upfront about their owners. It indicates that they are trying to hide the fraudulent and illegal nature of the business.
Products and Services of EtherChain
Affiliate memberships are the only way of availing any sort of service from EtherChain. It does not have any products or services. It is clearly a scam that has no interest in providing any real service to the members. Most of the Ponzi schemes follow this same model. No product or service means you will completely depend on the referral commissions and promised daily ROIs, which is too risky because you cannot trust crypto companies like EtherChain.io.
Therefore, instead of investing in scam crypto companies like EtherChain, you should invest in genuine crypto cloud mining companies. These companies allow you to mine your own crypto instead of relying on other companies that can turn out to be scams crypto companies.
EtherChain’s Compensation Plan
As the name suggests, EtherChain claims to be an Ethereum-based crypto trading platform. It asks the users to invest Ethereum in the company and get up to 310% ROI. According to the ROI plan of the company, the members are will get 1% daily for 310 days. As we know that the owner behind this company is a serial scammer, so there is no guarantee that the company will pay even a single penny to the members. Moreover, it is highly unlikely that the company will survive for a long period of time, so the users will not be able to recover their investments.
A 10% referral commission of the invested funds is promised to the members. The company dictates that the affiliates must directly recruit other members.
Like any other Ponzi scheme, EtherChain also uses a uni-level compensation plan to give commissions. An affiliate is at the top of a team while all the directly recruited members are located under him. It is level 1 of the compensation structure.
Whenever a level 1 affiliate recruits other remembers, they are promoted to level 2 of the affiliate’s team. The process of promotions keeps going, which means whenever level 2 members recruit new affiliates, they are promoted to level 3 and so on. EtherChain.io states 15th affiliate rank as the highest possible rank.
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The commissions are distributed on the basis of percentage of daily ROIs given to the affiliates according to the following levels:
- 30% of residual commissions are given to the members of level 1 who have personally recruited other members.
- 10% residual commissions for those on level 2 to level 5.
- 8% residual commissions for members of level 6 to level 10
- 5% residual commissions for members of level 11 to level 15.
The company does not have any kind of limit on the number of direct partners you can recruit on different levels. It shows that the whole purpose of the compensation plan is to scam as many people as they can by taking money from them. Ultimately, the recruit will cease, which will result in the collapse of the company.
Charges for Top Referrer Pool
According to EtherChain, it charges a 5% fee from the members and places this amount in a Top Referrer Pool. The company is supposed to distribute the money collected in the Referrer Pool to the top recruiters of the company on a daily basis. However, there is no proof that they actually give any such amount.
How to Join EtherChain?
Affiliate membership of EtherChain.co is completely free. However, you cannot earn any kind of income from free membership. You have to invest at least 0.1 ETH in taking part in the compensation and income plan. The website provides a very detailed process of joining the company. Android users have to use Trust Wallet and IMToken for iOS users to join this network. For now, the company is taking the maximum investment of up to 10 ETH. However, it plans to expand the capacity in the near future.
Remember that they are just trying to impress the members by giving a thorough guide of joining the company. They want your investment and have no intentions of paying you any sort of income in return. It is highly possible that the whole organization will collapse well before you are able to get even a single penny from them. Hence, do not invest in this crypto scam.
Is EtherChain a Scam?
The short answer to this question is that yes, EtherChain is a total crypto scam. You must not invest in such a fraudulent company. The owner of the company – Andreas Kartrud – is an experienced scammer. He was involved in more than a dozen crypto scam companies, MLM companies, Ponzi pyramid schemes, and Forex trading scams.
EtherChain is also one of his new crypto scam company. It is just a Ponzi scheme that claims to be a leading trading platform based on Ethereum Blockchain. Hence, there is no doubt about the fact that this venture is a total fraud and illegal all over the world.
Even with a little bit of research, you can find that it is a scam. It will soon collapse due to less affiliate recruitment. The structure of the company will evidently make the participants lose their money while the scammers behind it will earn a huge amount of money.
Ignore the fraudulent crypto trading and mining platforms like EtherChain. Instead, invest in trustable crypto cloud mining companies. Crypto mining companies gives you complete control over your investments with complete transparency to mine your cryptocurrency. Many other crypto trading and mining platforms do not offer this kind of opportunity because most of them are a scam.