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Amid SEC Advisory, Metamax Event in PH Cancelled, Wants Investors to Stop Posting on Social Media | Key Points | July 2, 2024

Photo for the Article - Amid SEC Advisory, Metamax Event in PH Cancelled, Wants Investors to Stop Posting on Social Media | Key Points | July 2, 2024

GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. Our feature article today – the Metamax scam unravels.

Here are the latest crypto news stories in the last 24 hours.

Market Analysis and Updates 📈

Crypto Price Update

Here are the crypto highlights of the day:

  • Bitcoin (BTC): $62,972, down 0.8% over the last 24 hours.
  • Ethereum (ETH): $3,446, down 1.5% over the last 24 hours.
  • Solana (SOL): $148.06, up 0.2% vs the previous day.
  • Billy: $0.1006, up 46.3% vs the previous day.
  • Spike: $0.036, up 26.6% over the last 24 hours.
  • Notcoin: $0.013, down 7.7% vs the previous day.

For the daily price update, check out our post on Facebook.


📺 Upcoming Webcast: Beginners Guide to DeFi

Photo for the Article - Amid SEC Advisory, Metamax Event in PH Cancelled, Wants Investors to Stop Posting on Social Media | Key Points | July 2, 2024

Join us for the next installment of our Beginners Guide Series, where we’ll be speaking with Paolo Dioquino of Pendle Finance, DeFi Philippines, and ETH63. In this session, Paolo will cover the basics of Decentralized Finance (DeFi) and share practical tips to help you navigate this innovative financial landscape.

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Register here!


Feature News: Metamax Unravels

MetaMax had quietly closed down its social media accounts as users suspect the scam to slowly reveal itself.

Background: SEC has issued an advisory vs METAMAX for unauthorized investment activities in the Philippines.

Photo for the Article - Amid SEC Advisory, Metamax Event in PH Cancelled, Wants Investors to Stop Posting on Social Media | Key Points | July 2, 2024
  • Loyal investors argue that there is a Metamax company that is legitimately registered with the SEC.
    • However, it is only just that – company registration. Metamax must have had a secondary license that will permit it to solicit investments from the public.

What happened after:

Some investors blame the SEC, arguing that if there was no SEC advisory, Metamax would not have closed down:

Photo for the Article - Amid SEC Advisory, Metamax Event in PH Cancelled, Wants Investors to Stop Posting on Social Media | Key Points | July 2, 2024

The reality:

  • Metamax appears to be ongoing since 2023, and is just rotating through various regions.
  • In the past few days, Metamax had numerous promos intending to entice more from investors. Users see this as a sign that the investment scheme is on its last legs:
  • Blockchain experts are seeing funds being emptied:
Comment
byu/Due_East_3503 from discussion
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What we do know: Metamax is supposed to have an event in Manila:

Photo for the Article - Amid SEC Advisory, Metamax Event in PH Cancelled, Wants Investors to Stop Posting on Social Media | Key Points | July 2, 2024

Apparently, people showed up:

But no one from Metamax leadership arrived based on this report:

As of yesterday, Metamax investors are asked to stop posting on social media:

Photo for the Article - Amid SEC Advisory, Metamax Event in PH Cancelled, Wants Investors to Stop Posting on Social Media | Key Points | July 2, 2024

What’s next: Expecting more influencers who promoted Metamax to slowly remove their content.


Philippine Crypto News 🇵🇭

Photo for the Article - Amid SEC Advisory, Metamax Event in PH Cancelled, Wants Investors to Stop Posting on Social Media | Key Points | July 2, 2024
  • Coins.ph listed the coin Metalcore (MCG).
  • SuperteamPH held their Founder’s Camp in Tagaytay last June 29.
  • Ownly announced the new date for the rescheduled Ownchain Node Key NFT presale.
  • BreederDAO partnered with web3 game WildForest.

Educational Corner 🎓

Photo for the Article - Amid SEC Advisory, Metamax Event in PH Cancelled, Wants Investors to Stop Posting on Social Media | Key Points | July 2, 2024

Check out our new Beginners Guide to Peso cost averaging, this article is made in collaboration with PDAX.


Regulation Watch 📜

Stay informed about the latest regulatory updates and what they mean for you:

  • The European Union’s MiCA crypto law imposes stringent regulations on stablecoins, limiting daily transactions for those used in payments to 1 million or less.
  • Coinbase is suing the SEC and FDIC, alleging they have unlawfully withheld documents related to closed investigations, including those concerning Ethereum’s status as a security, under Freedom of Information Act requests. 
  • A federal judge has upheld most of the SEC’s charges against Binance, ruling that the exchange potentially violated securities laws by offering unregistered investment products and engaging in fraudulent activities.
  • Obinna Uzoije advocates for Nigeria and ECOWAS to adopt regulatory frameworks inspired by Europe’s MiCA to attract crypto investors by providing clarity and addressing regulatory uncertainties across member states.

Community Spotlight 🔦

Photo for the Article - Amid SEC Advisory, Metamax Event in PH Cancelled, Wants Investors to Stop Posting on Social Media | Key Points | July 2, 2024

Meet John Sedano: He is known for his community development expertise at Yield GuildGames. 

  • His initiative #YGGTV is the first web3 gaming news show.
  • He is also one of the hosts of the web3 podcast gm! Crypto.
  • Sedano is also one of the founders of ReQuest, a Filipino-led ticketing and events dApp.

It recently secured 2nd place at the Solana APAC Summit hackathon in Kuala Lumpur.


More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

  • Animoca Brands is considering a return to the public market with a potential listing in Hong Kong or the Middle East in the second half of 2025.
  • Sony Group, through its subsidiary Quetta Web Co., is preparing to launch a cryptocurrency exchange in Japan by rebranding the acquired platform WhaleFin as S.BLOX Co. 
  • PinEye launched a platform in Dubai combining gaming entertainment with community-driven engagement and cryptocurrency rewards to empower users financially.

Web3 Gaming Section 🎮

The future of web3 is gaming, and here are the latest news.

  • Sequence, a web3 gaming development platform, partnered with Transak to streamline payment processes within the Web3 gaming sector.
  • Wild Forest, a web3 real-time strategy game, recently sold $1 million NFTs in under a minute.
  • Telegram game Yescoin quickly gained popularity with over 18 million players in its first month.

Event Announcements 📅

Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space!

Upcoming events: 


Noteworthy 🌟

Key updates and announcements from around the crypto and blockchain world:

  • According to  Immunefi, in Q2 of this year, crypto industry losses due to hacks and scams surged to $573 million.
  • The Aptos Foundation and Alibaba Cloud partnered with Alcove Pro to revolutionize Japan’s Web3 landscape through collaborative initiatives including hackathons, educational programs, and industry events.
  • The number of cryptocurrency ATMs installed worldwide has surged by 17.8% over the past year to 38,279, nearing the record high of 39,541 set in December 2022.

Stay Connected:

We’d love to hear from you! Reply with your thoughts or questions.

This article is published on BitPinas: Amid SEC Advisory, Metamax Event in PH Cancelled, Wants Investors to Stop Posting on Social Media | Key Points | July 2, 2024

2 Comments

  1. Who are this metamax investors…. they asked them to stop posting on media… when this people have collected our money without returning it why?? Before stopping them you should have asked them to pay poor people money 💰 back what a shame……

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