July 24, 2024

A recent report by Hectoras Georgiou in Kathimerini brought to public notice a new company called Metamax that’s causing a stir in Cyprus. The firm offers to make users a good income by using its app to watch and rate videos.

The setup involves users activating a package costing around $600. In return, they receive $20 per month for three months by simply rating videos and advertisements. Further, users who bring aboard others onto the platform get a 10% commission levied on the new user’s activated package. For example, an invite resulting in a new sign-up and a package activation worth $300 would earn the existing user a commission of $30.

In terms of Metamax’s credibility, the CEO is just an AI-generated avatar and its listed Canadian office address is actually a virtual office. The business model suggests an archetypical pyramid scheme where the cash inflow from new investors is routed to paying off earlier participants, thus perpetuating a cycle.

Several users have claimed not to have received the projected returns resulting in losses tallying up to a few thousand euros. This is supported by user comments across various platforms.

Enforcement Response to Surge in Complaints in Cyprus

With the increasing exposure of the scheme on social media, the Cyprus News Agency reported that provincial Criminal Investigation Departments (CIDs) are instructed to handle the ensuing complaints about Metamax. As part of an ongoing appraisal, the police are recording statements from affected individuals for national-scale evaluation.

Several regions have already received numerous complaints via phone calls. The police are encouraging affected individuals to officially file their complaints.

Potential Money Recovery for Victims

Andreas Konstantinidis, Managed Services Director at Odyssey Cybersecurity, emphasized the importance of dealing with licensed companies and doing thorough research before investment. Metamax, according to him, is a straightforward Ponzi scheme marked by its lucrative returns promises and fraudulent operations.

In response to inquiries about potential money recovery for cheated users, Konstantinidis was clear that such scams are illicit and unreliable, and chances of financial recovery are negligible.

Target Regions for Metamax

Exploring Google Trends data, scamminder.com found Metamax seems to target individuals in countries including Afghanistan, Cyprus, and the Philippines.

Public Alert by the Philippine Securities and Exchange Commission

The Philippine Securities and Exchange Commission issued a warning regarding Metamax, informing the public about its activities and highlighting its potentially fraudulent nature.

FAQs

What is Metamax?

A new company called Metamax has been promising large profits to users who will watch and rate videos on its application. However, it has come under suspicion for being a Ponzi scheme.

How does the Metamax scheme work?

Users are required to activate a package costing around $600. They are then promised $20 per month for three months by rating videos and ads. They also receive a 10% commission for every new user they get to join and activate a plan.

What actions have been taken against Metamax?

The Cyprus police and the Philippine Securities and Exchange Commission are among those who have taken action against Metamax. The former has initiated investigations based on numerous complaints, while the latter has issued a public warning about the company’s potentially fraudulent activities.