Well, it's a cult led by Chris Formage which is a character who Lazlow interviews on WCTR.
The myth is facilitated by a backpacker saying things about the cult.
He can be found at the observatory.
Not sure why it's a myth.
That's like saying songs are myths and there's nothing mystical about "All My Exes Live In Texas."
As far as I'm concerned, it's busted because even the Epsilon's mods look awful and conspicuously fake...