MetaMax Arrests Revenue Payouts Stop
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MetaMax offered opportunities for users to get paid from viewing videos and rating content. That required them to invest some upfront money. After running for multiple years, the scheme started to collapse and stopped paying out on June 25th, 2024. Multiple arrests were made to those running the scheme and the investigation continues to find the others.[1][2][3][4][5][6][7][8][9][10]
About MetaMax
"METAMAX - ACCELERATE USER EXPERIENCE WEB3 PAN-ENTERTAINMENT ECOSYSTEM, DESIGNED TO HELP ENTERPRISES ACHIEVE BUSINESS GROWTH." "We are in an era of constant change, and METAMAX is actively bringing real changes to the entertainment industry through Web3.0 technology. Your bottom line is our bottom line, and all delivered quickly and cost-effectively."
"Rocky Mountain Science and Technology, Inc established METAMAX pan-entertainment streaming media advertising company in order to improve the upstream and downstream of entertainment industries such as movies, music, and sports events."
"We firmly believe that through Web3.0 technology, METAMAX's products will be more accurately and safely targeted to end users of media entertainment consumption. METAMAX is committed to becoming the industry leader and benchmark, and promoting the progress and development of the entire industry."
"MetaMax, the world's leading WEB3 entertainment platform, is very proud to announce the official launch of the MetaMax User Forum. This community aims to provide a free and open platform for global creators to express themselves, share creations, and realize creative benefits."
"MetaMax will continue to develop and penetrate into all entertainment industries to help enterprises accelerate in this era of constant change, accurately locate target consumer groups, provide diversified product portfolios and value-added services, formulate personalized strategies and other means to achieve marketing and promotion goals, and improve exposure and popularity."
"From Manila to Cyprus, MetaMax cast its net wide, ensnaring at least 15,000 users with promises of effortless riches.
Watch ads, rate content, get paid. Simple, right?"
The Reality
"The promised returns on these investment packages range from 100% to 1,200% over just 90 days. Such astronomical returns are completely unrealistic and unsustainable in any legitimate investment opportunity.
These types of promised returns are a hallmark of Ponzi schemes, where new investments are used to pay out artificially high "returns" to earlier investors, rather than generating actual profits from real business activities."
"Invest in one of their star-studded plans. Starting at a mere 90 USDT, you too could become a 1 Star member.
For the high rollers, 12,000 USDT bought you the coveted "7 Star" status.
Now, here's where it gets interesting. Your job? Watch videos, like posts, maybe even leave a comment or two. Essentially, be a professional couch potato.
For your hard work of thumb-scrolling and button-clicking, MetaMax promised daily payouts.
A 1 Star member could rake in a whopping 3 USDT per day, while the 7 Star elite were promised 400 USDT daily. Because apparently, in MetaMax land, money does grow on digital trees."
"MetaMax claimed this was all in service of "manipulating social media metrics" for mysterious clients.
Because apparently, Fortune 500 companies are just dying to pay you hundreds of dollars a day to watch YouTube."
What Happened
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
| Date | Event | Description |
|---|---|---|
| June 25th, 2024 12:54:58 PM MDT | YouTube Video Uploaded | After no payouts, a user uploads a MetaMax promotion on YouTube. |
Technical Details
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?
Total Amount Lost
The total amount lost is unknown.
How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
Immediate Reactions
"The first cracks started to reveal themselves on June 25th, when the Philippines SEC issued a warning, labeling MetaMax as a potential Ponzi scheme.
4 days later, an under the radar YouTube video by BinanceStuff properly named “Metamax is officially a Ponzi scheme” put the story on Crypto Rug Muncher’s radar.
Where there’s FUD, there’s fire, because the next day, Metamax deleted their X profile.
Crypto Rug Muncher continued his expose and focused on their alleged recent MetaMax Asia Branch Opening Ceremony video reportedly held in the Philippines. Which some allege was a bunch of actors or even AI."
Ultimate Outcome
"Now, with 1 arrest made, 2 suspects at large, one suspect the target of a bombing attack and millions potentially lost, law enforcement and victims are looking for answers."
Total Amount Recovered
The total amount recovered is unknown.
What funds were recovered? What funds were reimbursed for those affected users?
Ongoing Developments
What parts of this case are still remaining to be concluded?
Individual Prevention Policies
No specific policies for individual prevention have yet been identified in this case.
For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.
Platform Prevention Policies
Policies for platforms to take to prevent this situation have not yet been selected in this case.
For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.
Regulatory Prevention Policies
No specific regulatory policies have yet been identified in this case.
For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.
References
- ↑ - YouTube (Accessed Jul 15, 2024)
- ↑ MetaMax Review - Scam or Legit Opportunity? - Clear Angles (Accessed Jul 15, 2024)
- ↑ Permalink - Facebook (Accessed Jul 15, 2024)
- ↑ - YouTube (Accessed Jul 15, 2024)
- ↑ MetaMax - Web3.0 New Media Technology (Accessed Jul 15, 2024)
- ↑ About - MetaMax (Accessed Jul 15, 2024)
- ↑ Amid SEC Advisory, Metamax Event in PH Cancelled, Wants Investors to Stop Posting on Social Media | Key Points | July 2, 2024 | BitPinas (Accessed Jul 15, 2024)
- ↑ https://bitpinas.com/wp-content/uploads/2024/07/Metamax-Event-1024x977.jpg (Accessed Jul 15, 2024)
- ↑ @CryptoRugMunch Twitter (Accessed Jul 15, 2024)
- ↑ WindRiver Grain - Stock Quotes (Accessed Jul 15, 2024)
