Gigamax Review: Earn money as your sleeping scam

Gigamax Review: A Ponzi Scheme’s Repeated Reboots

Gigamax Review, a recurring player in the realm of Ponzi schemes, raises serious concerns due to its lack of transparency, specifically in terms of ownership and executive details, on its official website.

The present website domain, “ggmx.ai,” was registered privately on August 1st, 2023. Notably, the company has previously utilized defunct domains such as “giga-max.online” and “gigamax.ai.”

Questionable Identity and Ownership

At the heart of the issue lies the absence of clear-cut ownership and executive information on the Gigamax website.

Furthermore, a third website under the name “gigamax-ai.com http://gigamax-ai.com” exists, but it’s suspected to be linked to recovery scammers, merely serving as a gateway to a dubious Telegram channel.

Gigamax logo

Geographical Trends in Website Traffic

Interestingly, the now-defunct second .AI website domain of Gigamax received approximately 1.1 million visits in July 2023, as reported by SimilarWeb.

A staggering 76% of this traffic originated from Malaysia, while Indonesia and Bangladesh contributed 10% and 8%, respectively.

Suspected Individuals Involved

Names connected to Gigamax include:

– Dato Abak

– D’Ben Al Shariff

– Doz Khadri

– Hafiz Ali

– Capt. Adnan

– Tn. Shah

– Xifu Tharma

– Tycoon Syazwan

Gigamax’s Association with Gabema Academy

A Malaysian crypto education platform, Gabema Academy, seems to be associated with Gigamax, suggesting that the operation might be based in Malaysia itself.

Moreover, local authorities have already taken note of Gigamax’s activities, with the Malaysian Securities Commission issuing a fraud warning on February 14th.

Unveiling the Marketing Connection

Interestingly, the marketing materials of Gigamax appear to be generated through “WPP 演示,” which appears to be a Chinese app.

This raises the possibility of Gigamax’s ties to Chinese speakers, whether they are located in Malaysia or elsewhere.

Scrutinizing Gigamax’s Business Model

Gigamax’s offerings lack tangible products or services that could be retailed.

Affiliates are confined to promoting Gigamax’s affiliate membership itself, which raises a red flag.

The Mechanism of Compensation

Gigamax lures investors to put money into cryptocurrency through various trading strategies, primarily using their proprietary app.

The multi-level marketing (MLM) facet of Gigamax rewards affiliates based on their recruitment of new investors.

Referral Commissions Structure

The structure for referral commissions operates on a multi-level compensation basis, resembling a pyramid structure.

Affiliates on higher levels benefit from recruits brought in by their downline affiliates.

Gigamax limits referral commissions to five levels, with corresponding percentages based on the volume of cryptocurrency invested.

Matched Withdrawals and Their Tiers

Gigamax offers a matching commission for withdrawals requested by affiliates engaged in schemes such as Pool Trade Arbitrage and Copy Trade.

These matches follow a similar structure to referral commissions, with varying percentages dependent on the investment volume in the downline.

Gigamax Home page

Insights into Gigamax’s Membership

Joining Gigamax as an affiliate can either be done for free or for a fee of 50 USDT annually.

Opting for the paid membership unlocks access to more investment strategies.

The Grim Reality and Conclusion

Gigamax’s behavior echoes a familiar pattern observed in Ponzi schemes, where the company resorts to frequently changing website domains in an apparent bid to evade regulatory authorities.

The Malaysian Securities Commission’s warning signals that authorities are well aware of Gigamax’s activities.

This, coupled with a drop of 27% in traffic to their AI domain in July 2023, suggests that withdrawals are surpassing new investments.

False Promises and Deceptive Messaging

Gigamax’s newly revamped website domain attempts to instill a sense of positive change.

However, the reality behind their claims remains dubious.

The company’s promise of enhanced services, security measures, and web 3.0 implementation appears to be nothing more than an attempt to maintain a facade of legitimacy.

Unmasking a Recovery Scam

Unmentioned in Gigamax’s message is the demand for additional cryptocurrency deposits from investors to retain their accounts.

This maneuver resembles a classic recovery scam in which Gigamax preys on its own investors.

Anyone who has invested in Gigamax should be cautious; the likelihood of retrieving their funds seems bleak.

Unfortunately, history demonstrates that most participants in Ponzi schemes inevitably suffer financial losses.

In conclusion, Gigamax’s apparent efforts to reboot itself for the third time highlight the inherent instability of its Ponzi scheme.

Whether this is a ploy to attract further funds or a sign of an impending downfall remains to be seen.

Nevertheless, the fundamental truth remains: Ponzi schemes are engineered to profit the few at the expense of the many.


Editor at FraudWatchAi

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