MetaSpaceX has a kind of god terrible to navigate flash model web sites from the 2000s.
With a little bit of trial and error navigation, we ultimately be taught Jessy Lai (Lai Chai Shuang) is behind the corporate.
Lai began her scamming profession as a prime 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 part 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 nice 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 didn’t 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 operating an unlawful enterprise and had cheated Chinese language traders.”
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 Client 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 are able to 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, 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 stunning. 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, appears 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 traders)
- 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 by way of 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 Medication – 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 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 all the things 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 widely known retired boxer from the Philippines. This coincides with MetaSpaceX closely advertising their “play to earn” sport on the Philippines.
Absent in MetaSpaceX’s advertising is any particulars on their sport. For that we’ve got to go over to MetaSpaceX’s web site.
There we be taught MetaSpaceX gamers “domesticate crops, are likely 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 want 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 affordable Pokemon ripoff that integrated NFTs.
Gamers payed a payment to start out 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 nations.
Within the Philippines, the prohibitive value of entry led to each people and gaming guilds renting out belongings to permit new gamers meet the minimal necessities.
These new gamers, often known as “students”, are sometimes required to fulfill a quota of in-game incomes to proceed utilizing the rented belongings, and should pay the house owners a fee. These commissions differ tremendously 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 primary supply of earnings, though incomes charges from taking part in Axie Infinity fell beneath the nationwide minimal wage by September 2021.
In September 2021, most Axie Infinity gamers have been from the Philippines.
Axie Infinity collapsed in February 2022 by way of a “we received hacked!” exit-scam.
Within the lead as much as the exit-scam, AXS pumped to $160 USD. In the present day 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.
For the reason that Binance Platforms launched, Defendants have made out there for buying and selling on them crypto belongings which are supplied and offered as funding contracts, and thus as securities.
This contains, however is just not 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 are native to the Axie Infinity (“Axie”) sport, a blockchain sport that enables gamers to work together in a digital world by way of 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 – identical as Axie Infinity’s AXS.
Whether or not this occurs organically or by way of a staged exit-scam, the end result for almost all of investor gamers is identical – they lose cash.
If there’s an MLM part 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 overview.
It’s a disgrace Malaysian authorities weren’t capable of safe jail time for Lai after they had the prospect. That failure sees Lai nonetheless grifting shoppers by way of numerous 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 received’t be too far behind.
