Crypto pyramid game for Greek mouse pushers: 15,000 victims

“MetaMax integrates flow economy and AI technology, which not only improves user experience, but also promotes innovation and precise management.” No, it’s clear. “META MAX is actively bringing real change to the entertainment industry through Web 3.0 technology.” Such and similar mantras are published on the Facebook website of the collapsed MetaMax project (also: Meta Max), which was presented as a Canadian project. Apparently, MetaMax was supposed to earn and distribute money by participants watching, liking and commenting on online videos on platforms such as TikTok and YouTube. Whoever deposited the cryptocurrency first should receive a return of 3.33 percent. per day.

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According to the story, the money came from customers who tried to manipulate the video platform’s algorithm in this way. Why do you have to deposit money yourself first as a rat pusher? Good question. Participants who brought in additional depositors were to receive ten percent of their deposits as a reward, plus one to six percent of their “winnings” – depending on how much they deposited themselves. For level 1, 90 USDT was enough, which are units of the US dollar version of the Tether stablecoin at approximate parity with the US dollar. For level 7 it should be 12,000 USDT. Recruiters boasted of the huge profits they made.

Bomb blast at suspect’s residence

Unfortunately, there are many victims, an estimated 15,000 according to Cyprus media reports, many of them in Greece and Cyprus. Not all victims take their financial losses with humor. There was also a bomb attack in Cyprus last week, possibly aimed at a suspected former police officer.

The island’s police have arrested three men in connection with the pyramid scheme, two of whom are former police officers themselves, aged 54 and 63. They have recruited new participants for the pyramid game. The bomb exploded in the rented home of a 54-year-old man on Monday last week – the man was apparently already in custody at the time. People are unlikely to be harmed, but the homeowner has been left with shattered pieces.

According to a media report, the former police officer calls himself a victimlost money; he does not know who the real masterminds are. In June, the former police officer traveled to the Philippines to attend the inauguration of Metamax’s Asian branch. He was frightened and took refuge in the Cyprus consulate, which arranged for his departure. He only made the profits he had previously presented publicly on paper, but was not able to withdraw them. In early July he sought protection from the Cyprus police because he feared for his family’s lives. He was then arrested himself.

Metamax Asia comes to an end

This could be the opening ceremony of Metamax Asia; a YouTube video showed people dressed in glamorous evening dresses being introduced to male “outstanding leaders” with presumably fake names who are said to have achieved “many miracles in the field of streaming,” as the presenter read twice from a teleprompter. The woman, herself the bearer of an unlikely name, said Metamax has taken a leading role in innovation and flow fashion, no matter what it is. To underline credibility, not only images of cheering people but also logos of famous brands such as Paypal, Netflix, Spotify, Instagram, Facebook and even Twitter and Google+ appeared on the screen. Google shut down Google+ in 2019.

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The video shines with uplifting marketing prose. On June 25, the same day it was posted on YouTube, it was published by the Philippine Securities Exchange Commission (SEC) Warning from Metamax. After this, the project’s websites and X accounts disappeared. Victims should expect total losses. The amount of damage is not yet known; Cyprus police will want to open bank accounts in various countries in cooperation with Interpol and Greek authorities will also want to investigate.

(DS)