Authorities in Cyprus have arrested a 63-year-old retired police officer from Limassol, who is a key suspect in an investigation into the Metamax pyramid scheme. Alongside him, another former officer, aged 54, also with a brief stint in the police force, has been detained. A third man, 48 years old, seemingly unconnected to the other two, is also believed to be involved with the operation.

The trio is accused of running Metamax, a scheme disguised as a cutting-edge Web3.0 media technology platform claiming to help businesses grow through targeted advertising and engaging consumers.

Metamax promised several ways for users to make money, including completing tasks like watching and rating videos, sharing content on the platform for commissions, and investing in financial products with the promise of fixed returns. According to their website, users could choose from various “Star Packages,” ranging from $90 to $1,200, promising returns after just a month of engagement.

For instance, depending on their chosen level of investment, participants were promised anywhere from $3 to $40 per day. Additionally, Metamax promised up to a 6% commission as a bonus on the packages purchased, further enticing users to invest and invite others to join.

The scheme even maintained a Telegram group that reportedly included around 9,000 members. While the exact financial losses suffered by users have yet to be determined, user feedback and reviews on Trustpilot suggest that many invested, and likely lost, significant amounts, ranging into the thousands of dollars.

…They scammed me of $10000 USDT in crypto in hopes of a greater value in ROI until the website started giving out promotions of their packages so more people can "afford" it and put more crypto in their platform.

According to the Metamax YouTube channel, this Ponzi scheme platform operated for a year and successfully convinced people that they could earn high returns simply by watching videos.

However, things started to unravel following an alert from the Philippine Securities and Exchange Commission, which flagged Metamax as a potential Ponzi scheme. Further scrutiny came from YouTube videos made by users who claimed the project was a scam, including allegations that even the CEO’s photo was AI-generated.

Since then, Metamax has shut down its Twitter account, and its website is no longer accessible. With several people behind the scheme now in custody, the harsh truth about Metamax is finally coming to light. This situation is a reminder that if you don’t know for sure where the yield is coming from, you are likely to be the yield. 

We will keep following this story and provide updates as more details emerge.

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