Amid SEC advisory, Metamax event in Philippines canceled, wants investors to stop posting on social media | Key Takeaways | July 2, 2024

General manager. Welcome back to BitPinas Key Points: Easily digestible news in concise formats for easy reading. Our in-depth article today: The Metamax scam unravels.

Here is the latest cryptocurrency news from the last 24 hours.

Market Analysis & Updates 📈

Cryptocurrency price update

Here are the crypto highlights of the day:

• Bitcoin (BTC): $62,972, down 0.8% over the past 24 hours.
• Ethereum (ETH): $3,446, down 1.5% in the last 24 hours.
• Solana (SOL): $148.06, up 0.2% from the previous day.

Trending Coins Update

• truncheon: $0.1006, up 46.3% from the previous day.
• Harpoon: $0.036, up 26.6% in the last 24 hours.
• Not money: $0.013, down 7.7% from the previous day.

For daily price updates, check out our post on Facebook.

📺 Next Webcast: Beginner’s Guide to DeFi

join us for the next installment of our beginner’s guide series, where we will talk with Paolo Dioquino from 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.

Register here!

Top News: Metamax Reveals Himself

MetaMax has quietly shut down its social media accounts as users suspect the scam is slowly unraveling.

Background: The SEC has released a consultancy against METAMAX for unauthorized investment activities in the Philippines.

• Loyal investors They claim that there is a legitimate Metamax company registered with the SEC.
  • Howeverit’s just this: the company registration. Metamax must have had a secondary license which will allow it to solicit investments from the public.

What happened after:

Some investors blame the SECarguing that if it were not for the SEC’s advice, Metamax would not have closed:

Reality:

• It looks like Metamax has been ongoing since 2023 and is simply rotating between various regions.
• In recent days, Metamax has launched several promotions with the aim of attracting more investors. Users see this as a sign that the investment program is in its final stages:

• Blockchain Experts they are seeing the funds empty:

Comment
Ofu/Due_East_3503 from the discussion
Ininvestment

What we know: Metamax should organize an event in Manila:

Apparently, some people showed up:

But none of the Metamax executives came forward based on this report:

Since yesterdayMetamax investors are asked to stop posting on social media:

What’s next: We expect more and more influencers who have promoted Metamax to gradually remove their content.

Philippine Cryptocurrency News 🇵🇭

• Coins.ph listed the Metalcore (MCG) coin.
• SuperteamPH held their Founder’s Camp in Tagaytay last June 29.
• Own announced the new date for the rescheduled Ownchain Node Key NFT presale.
• BreederDAO in pairs with the web3 game WildForest.

Educational Corner 🎓

Check out our new Beginner’s Guide for average costs in pesos, this article was made in collaboration with PDAX.

Regulation Watch 📜

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

• THE MiCA Law on Encryption of the European Union imposes strict regulations on stablecoins, limiting daily transactions for those used in payments to 1 million or less.
• Monetary base AND prosecute the SEC and FDIC, alleging that they unlawfully withheld documents related to closed investigations, including those involving Ethereum’s status as a security, pursuant to Freedom of Information Act requests.
• A federal judge has supported most of the SEC’s charges against Binance, finding that the exchange potentially violated securities laws by offering unregistered investment products and engaging in fraudulent activity.
• Obinna Uzoije claims Nigeria and ECOWAS to to adopt regulatory frameworks inspired by the European MiCA to attract investors in cryptocurrencies, providing clarity and addressing regulatory uncertainties in Member States.

Community Spotlight 🔦

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

• His initiative #YGGTV is the first information program about games on the net3.
• He is also one of the hosts of the web3 podcast gm! Crypto.
• Sedano is also a founder of ReQuest, a Philippines-led event and ticketing dApp.

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

More news on Web3 and AI 💡

Discover the latest in web3 and AI innovation.

• Animoca Brands AND 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 Groupthrough its subsidiary Quetta Web Co., is preparation to launch a cryptocurrency exchange in Japan by renaming the acquired platform WhaleFin as S.BLOX Co.
• Pin eye launched a platform in Dubai that combines game-based entertainment with community engagement and cryptocurrency rewards to financially empower users.

Web3 Gaming Section 🎮

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

• Sequencea web3 game development platform, in pairs with Transak to simplify payment processes in the Web3 gaming industry.
• Wild forest, a web3 real-time strategy game, recently sold $1 Million NFT in Less Than a Minute.
• Telegram Game Yescoin quickly earned popularity with over 18 million players in its first month.

Event Announcements 📅

Do not get lost: Upcoming events, webinars and meetups in the cryptocurrency world!

Upcoming events:

Noteworthy 🌟

Key updates and announcements from the world of cryptocurrency and blockchain:

• Second ImmunityIn the second quarter of this year, the cryptocurrency sector’s losses due to cyber attacks and scams increased at $573 million.
• THE Aptos Foundation and Alibaba Cloud in pairs with Alcove Pro to revolutionize the Japanese Web3 landscape through collaborative initiatives including hackathons, educational programs, and industry events.
• The number of cryptocurrency ATM installed all over the world has increased 17.8% from last year, reaching 38,279, approaching the record of 39,541 recorded in December 2022.

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This article is published on BitPinas: Amid SEC advisory, Metamax event in Philippines canceled, wants investors to stop posting on social media | Key Takeaways | July 2, 2024

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