MetaSpaceX has a type of god terrible to navigate flash fashion web sites from the 2000s.
With a little bit of trial and error navigation, we finally be taught Jessy Lai (Lai Chai Shuang) is behind the corporate.
Lai began her scamming profession as a high promoter of Zhang Jian’s Yun Shu Mao (YSLM) pyramid scheme.
After YSLM collapsed, producing an estimated $233 million in losses, Lai went on to launch Monspace in 2016.
Monspace was a digital shares Ponzi scheme that primarily focused China and Malaysia. There was additionally an “MSCoins” crypto element to the rip-off.
Monspace collapsed in 2017. In July 2018 Malaysian authorities froze RM5.867 million tied to Monspace ($1,269,776 USD).
In Could 2019 Malaysian authorities arrested Lai and several other accomplices.
Lai was charged with violations of Malaysia’s Direct Gross sales and Anti-Pyramid Scheme Acts. She confronted a $120,462 to $1.2 million tremendous or 5 years in jail.
Lai pled not responsible to the costs. In August 2019 Lai was arrested once more, this time on Monspace associated cash laundering costs.
So far as I can inform Malaysian authorities did not safe a jail sentence for Lai.
As an alternative Malaysia’s Anti-Corruption Fee seized RM1.5 million from Lai in 2021 (~$324,640 USD). This seems to be the decision of each the pyramid and cash laundering instances.
Emphasizing how a lot of a slap on the wrist Lai’s penalty was, in June 2019 Lai sued a Malaysian MP for claiming “she was working an unlawful enterprise and had cheated Chinese language buyers.”
Lai claimed, versus Monspace collapsing and producing widespread losses, that the MP’s statements
had pressured the authorities, together with the police, Financial institution Negara Malaysia and the Home Commerce and Shopper Affairs Ministry, to take motion in opposition to her.
Regardless of the MP’s statements being factual, the Malaysian Excessive Courtroom awarded Lai RM2 million in damages in March 2023 (~$432,000 USD). That’s round $100,000 greater than she was fined for cash laundering.
With a bit extra trial and error navigation on MetaSpaceX’s web site, we will additional affirm it’s a Monspace reboot.
MetaSpaceX’s web site area (“mx-space.com”), was privately registered on March twenty third, 2022.
The corporate additionally operates “metaspacex.co”, which has extra of a standard web site structure. MetaSpaceX’s .CO area was registered on February twenty seventh, 2023.
MetaSpaceX’s official FaceBook web page was created in April 2022.
This coincides with MetaSpaceX launching in late April 2022.
Taking a look at MetaSpaceX’s early advertising and marketing, we see it was a easy metaverse grift:
MetaSpaceX is the world’s first affluent world that mixes bodily building and metaverse.
It integrates finance, leisure, leisure, medical care, media, planting and breeding, in addition to tradition, training, coaching, tourism, aviation and worldwide exhibitions.
Whereas a few of that stuff is detailed on MetaSpaceX’s web site, total as an idea MetaSpaceX’s metaverse grift failed.
This isn’t shocking. If we poke round MetaSpaceX’s god terrible flash web site, we discover:
- MSL Farm Tech – Malaysian journey company that claims to service China, has nothing to do with MetaSpaceX
- Durian Valley – a video of a “Monspace durian plantation” that has nothing to do with MetaSpaceX
- Mezza9 – a FaceBook group that sells tickets to social occasions in Malaysia, has nothing to do with MetaSpaceX
- MX Mall – particulars hidden behind a MetaSpaceX paywall, feels like a reboot of MonSpace’s ecommerce Ponzi ruse
- Asia Momentum Media – Chinese language media streaming app, has nothing to do with MetaSpaceX
- MonJess – on-line clothes retailer, has nothing to do with MetaSpaceX
- MSVG Imaginative and prescient Change – entry restricted (presumably to MetaSpaceX buyers)
- BitcoinUpBit – Chinese language crypto change that collapsed on Could 1st, 2023
- Monspace Credit score Union & Belief – web site not accessible
- Nexus Commerce – dodgy Chinese language buying and selling platform run via an Australian shell firm and ASIC license (Nexus Commerce has nothing to do with Australia so this confirms it’s a rip-off)
- Nexus Sensible Chain – web site not accessible
- Nspace – crypto spam weblog, has nothing to do with MetaSpaceX
- Neptune Token (NPT) – Neptune token staking Ponzi scheme pitching a 600% ROI over three years
- World Convention on Train Drugs – some random occasion that has nothing to do with MetaSpaceX
- SpaceX – Elon Musk’s firm that has nothing to do with MetaSpaceX
- hyperlinks to advertising and marketing movies of Luo Zheng Feng and Wilson Lin (hyperlink to Lin’s web site doesn’t work), has nothing to do with MetaSpaceX
I think every thing was window dressing for the Neptune token staking Ponzi. That appears to have collapsed, and so in Could 2023 what was left of MetaSpaceX was rebooted as a “play to earn” sport.
MetaSpaceX’s “play to earn” sport grift is fronted by Manny Pacquiao, a well known retired boxer from the Philippines. This coincides with MetaSpaceX closely advertising and marketing their “play to earn” sport on the Philippines.
Absent in MetaSpaceX’s advertising and marketing is any particulars on their sport. For that we now have to move over to MetaSpaceX’s web site.
There we be taught MetaSpaceX gamers “domesticate crops, are inclined to fields, irrigate crops, harvest crops, increase fish (and) run a ranch”.
In different phrases, work.
However why the Philippines and Manny Pacquiao?
To reply that we’d like look no additional than Axie Infinity.
Axie Infinity is a “play to earn” sport developed by Sky Mavis and constructed round AXS token. The sport itself was an inexpensive Pokemon ripoff that included NFTs.
Gamers payed a price to begin the sport, “performed” the sport (which by all accounts is horrible), earned extra AXS token and cashed out.
As an funding car, Axie Infinity principally created a slave labor market within the Philippines and different international locations.
Within the Philippines, the prohibitive value of entry led to each people and gaming guilds renting out property to permit new gamers meet the minimal necessities.
These new gamers, generally known as “students”, are sometimes required to satisfy a quota of in-game incomes to proceed utilizing the rented property, and should pay the homeowners a fee. These commissions differ vastly however might be as excessive as 75%.
As of June 2021, some individuals within the Philippines had begun to deal with the sport as their most important supply of revenue, though incomes charges from enjoying Axie Infinity fell beneath the nationwide minimal wage by September 2021.
In September 2021, most Axie Infinity gamers had been from the Philippines.
Axie Infinity collapsed in February 2022 via a “we obtained hacked!” exit-scam.
Within the lead as much as the exit-scam, AXS pumped to $160 USD. Right now AXS trades at ~$5.
As a focal point, and this ties into Monspace and MetaSpaceX committing securities fraud, on June fifth the SEC outlined buying and selling of Axie Infinity’s AXS token as a safety of their Binance fraud lawsuit.
Because the Binance Platforms launched, Defendants have made obtainable for buying and selling on them crypto property which can be provided and offered as funding contracts, and thus as securities.
This consists of, however just isn’t restricted to, BNB, BUSD, and the models of every of the crypto asset securities additional described beneath—with buying and selling symbols SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI.
Axie Infinity Shards (“AXS”) are ethereum tokens which can be native to the Axie Infinity (“Axie”) sport, a blockchain sport that permits gamers to work together in a digital world via digital pets known as “Axies.”
In a nutshell, Jessy Lai hopes to show MetaSpaceX into her personal crypto serfdom. And he or she’s hoping Manny Pacquiao’s involvement will ship the Philippine gamers slaves she wants.
MetaSpaceX gamers make investments tether, that’s transformed to “MXC factors”, gamers toil away at farming, one thing one thing MSPC, gamers hope to withdraw greater than they initially invested.
Cash points or not, disgrace on Manny Pacquiao for utilizing his affect throughout the Philippines to market an apparent rip-off.
The one income MetaSpaceX generates is new funding from its gamers. When withdrawals inevitable outstrip new tether investments, MXC will tank – similar as Axie Infinity’s AXS.
Whether or not this occurs organically or via a staged exit-scam, the end result for almost all of investor gamers is similar – they lose cash.
If there’s an MLM element to MetaSpaceX it’s nicely hidden. That’s why that is extra of an replace to the Monspace MLM Ponzi scheme versus a full MetaSpaceX evaluate.
It’s a disgrace Malaysian authorities weren’t capable of safe jail time for Lai after they had the possibility. That failure sees Lai nonetheless grifting shoppers via varied schemes.
Over within the Philippines Malaysian authorities issued Monspace securities fraud warnings in 2017, 2019 and 2020 (through Munics Financial institution).
Hopefully Manny Pacquiao’s involvement will imply if MetaSpaceX takes off within the Philippines, the SEC gained’t be too far behind.
