GIG-OS and marketing arm Global Success Management have been banned in Italy.

As per a September 6th announcement, CONSOB advises GIG-OS and GSM have violated Italy’s financial laws.

GIG-OS is the third reboot of EmGoldex, a gold themed Ponzi scheme believed to be run by Russian scammers.

As far as I can tell, Global Success Management is just another name GIG-OS is marketed under:

Other related entities cited by CONSOB include the shell companies Be Free Ltd, Imperial System Ltd EOOD and Ivory Dunes Limited.

Following an internal investigation, CONSOB appears to have uncovered GIG-OS’ latest ruse; NFT grifting.

NOTING that, together with the ” Equity Convertible Notes “, the ” Packages ” provide for the assignment to the investor of tokens to be placed on ” boards ” for the achievement of incremental remuneration and the free allocation of a predetermined number of “NFTs of the Meta collection Aristippus”, from the” Guaranteed passive income “.

As part of the “Fractal Stock Program” in question, reward mechanisms are also envisaged aimed at increasing the ” passive income ” achieved by users.

EmGoldex and GIG-OS used to be simple gold Ponzi schemes. It seems they’ve since jumped on the crypto fraud bandwagon.

CONSOB warns that both GIG-OS and Global Success Management are not registered with CONSOB, nor do they have an exemption from Italy’s securities laws.

CONSOB initiated a 90 days suspension of access to GIG-OS and Global Success Management’s websites on June 15th. During this time GIG-OS and Global Success Management were invited to defend themselves.

Neither company did, prompting CONSOB to make the suspension a permanent nationwide ban on September 6th.

Whatever GIG-OS recruitment was going on in Italy appear to have since collapsed.

SimilarWeb currently tracks top sources of traffic to GIG-OS’ website as Argentina (83%), Mexico (6%) and Uzbekistan (3%). Traffic to Global Success Management’s website is negligible.