Three people have been arrested in connection to a crypto pyramid scheme called Metamax. Those behind the scam promised that people who invested in the scam could then earn income of up to $400 a day simply by watching, sharing, liking, and reviewing videos. There was, of course, a referral component as well, where people earned commission on the "investments" of people they referred. And for people who chose to invest in one of Metamax's fixed investment plans, they were promised 1.5% daily returns.

Unsurprisingly, the project turned out to be a pyramid scheme. On June 25, the Philippines SEC issued a warning, noting that the project was not registered with them, and that it "has the characteristics of a 'Ponzi scheme'". Shortly afterwards, Metamax deleted their Twitter account, and shut down victims' online access to their accounts.

Local news estimated that the scheme affected around 15,000 victims, mainly in Cyprus and Greece. Three people have been arrested in connection to the scheme, including a retired Cypriot police officer. One of the suspects turned himself in to police, claiming that he himself was a victim of the scam, and that he believed his life was in danger as he was being threatened by Metamax victims. Days later, a bomb was detonated near a home he once rented.

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• Philippines SEC warning