Round 2? Metamax Completes Rugpull, But Rebrands to MetaQuest

Metamax has shut down its website, but users have observed that it has simply rebranded under a new name: “MetaQuest.”

The Philippine Securities and Exchange Commission (SEC) has recently issued a warning against a company called METAMAX ASIAN INC./METAMAX, highlighting that it is not authorized to solicit investments and may be operating a Ponzi scheme. However, despite the warning, the company seems to have found a way to continue its activities.

METAMAX, which was earlier shut down by the SEC, has now resurfaced as MetaQuest, complete with a new website that strikingly resembles Metamax’s previous website. The website showcases a familiar layout and promises, prompting concerns that it might be a continuation of Metamax’s fraudulent activities.

Several Reddit users have also noticed the rebranding and pointed it out in posts.

For those who might be unfamiliar with the story, here’s a quick summary:

The Philippine SEC earlier issued a cease and desist order against Metamax and its officers for allegedly soliciting investments without the necessary license and may be running a Ponzi scheme.

The SEC also stated that Metamax’s investment contracts appear to be a covered security under Section 3 of the Securities Regulation Code (SRC) and that offering or selling covered securities without a registration statement filed with the SEC is prohibited.

The SEC further mentioned that Metamax’s activities may constitute fraud under Article 315, paragraph 2(a) of the Revised Penal Code.

The SEC then ordered Metamax and its officers to stop soliciting investments from the public and to return the money collected from investors within 15 days from the service of the order.

If Metamax and its officers fail to comply with the order, the SEC said it will be constrained to take appropriate legal actions, including filing criminal cases against them.

Now, with Metamax rebranding to MetaQuest and continuing its activities, it will be interesting to see what actions the SEC will take next. We’ll be keeping an eye on this story and will update this article accordingly.

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