Gigamax fails to provide ownership or executive information on its website.

Gigamax’s current website domain (“ggmx.ai”), was privately registered on August 1st, 2023.

Previous defunct Gigamax website domains include “giga-max.online” and “gigamax.ai”.

There is a third website set up at “gigamax-ai.com” but I believe this is owned by recovery scammers (the website is basically a funnel to a dodgy Telegram channel).

SimilarWeb tracked ~1.1 million visits to Gigamax’s now defunct second .AI website domain in July 2023.

The majority of that traffic originate from Malaysia (76%), followed by Indonesia (10%) and Bangladesh (8%).

Names we can attach to Gigamax include:

  • Dato Abak
  • D’Ben Al Shariff
  • Doz Khadri
  • Hafiz Ali
  • Capt. Adnan
  • Tn. Shah
  • Xifu Tharma
  • Tycoon Syazwan

Gabema Academy is a Malaysian crypto education platform that seems to have gotten into bed with Gigamax.

It’s highly likely that Gigamax is being run out of Malaysia itself.

Local authorities are already aware of Gigamax. The Malaysian Securities Commission issued a Gigamax fraud warning on February 14th.

Of note is Gigamax’s marketing materials being created through “WPP 演示”, which appears to be a Chinese app.

This suggests Gigamax has ties to Chinese speakers (in Malaysia or elsewhere).

As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.

Gigamax’s Products

Gigamax has no retailable products or services.

Affiliates are only able to market Gigamax affiliate membership itself.

Gigamax’s Compensation Plan

Gigamax solicits investment in cryptocurrency through various trading ruses.

Investment primarily takes place through a provided Gigamax app.

The MLM side of Gigamax pays on recruitment of affiliate investors.

Referral Commissions

Gigamax pays referral commissions via a unilevel compensation structure.

A unilevel compensation structure places an affiliate at the top of a unilevel team, with every personally recruited affiliate placed directly under them (level 1):

If any level 1 affiliates recruit new affiliates, they are placed on level 2 of the original affiliate’s unilevel team.

If any level 2 affiliates recruit new affiliates, they are placed on level 3 and so on and so forth down a theoretical infinite number of levels.

Gigamax caps referral commissions at five levels.

Referral commissions are paid out as a percentage of cryptocurrency invested across these five levels as follows:

  • level 1 (personally recruited affiliates, must generate 500 USDT in downline investment volume) – 10%
  • level 2 (must generate 3000 USDT in downline investment volume) – 13%
  • level 3 (must generate 5000 USDT in downline investment volume) – 15%
  • level 4 (must generate 10,000 USDT in downline investment volume) – 17%
  • level 5 (must generate 30,000 USDT in downline investment volume) – 20%

Withdraw Match (Pool Trade Arbitrage & Copy Trade)

Gigamax pays a matching commission on withdrawals made by affiliates who invest in their Pool Trade Arbitrage and Copy Trade ruses.

These withdrawal matches are paid using the same unilevel compensation structure as referral commissions (see above).

  • level 1 (must generate 500 USDT in downline investment volume) – 10%
  • level 2 (must generate 2000 USDT in downline investment volume) – 5.5%
  • level 3 (must generate 8000 USDT in downline investment volume) – 5.3%
  • level 4 (must generate 15,000 USDT in downline investment volume) – 5.1%
  • level 5 (must generate 30,000 USDT in downline investment volume) – 4.5%
  • level 6 (must generate 45,000 USDT in downline investment volume) – 4.1%
  • level 7 (must generate 65,000 USDT in downline investment volume) – 3.8%
  • level 8 (must generate 75,000 USDT in downline investment volume) – 3.5%
  • level 9 (must generate 85,000 USDT in downline investment volume) – 3.1%
  • level 10 (must generate 100,000 USDT in downline investment volume) – 2.9%

Withdrawal Match (EFTMAX)

Gigamax pays a matching commission on withdrawals made by affiliates who invest in their ETFMAX ruse.

These withdrawal matches are paid using the same unilevel compensation structure as referral commissions (see above)

  • level 1 (must generate 500 USDT in downline investment volume) – 1%
  • level 2 (must generate 2000 USDT in downline investment volume) – 0.55%
  • level 3 (must generate 8000 USDT in downline investment volume) – 0.53%
  • level 4 (must generate 15,000 USDT in downline investment volume) – 0.51%
  • level 5 (must generate 30,000 USDT in downline investment volume) – 0.45%
  • level 6 (must generate 45,000 USDT in downline investment volume) – 0.41%
  • level 7 (must generate 65,000 USDT in downline investment volume) – 0.38%
  • level 8 (must generate 75,000 USDT in downline investment volume) – 0.35%
  • level 9 (must generate 85,000 USDT in downline investment volume) – 0.31%
  • level 10 (must generate 100,000 USDT in downline investment volume) – 0.29%

Joining Gigamax

Gigamax affiliate is either free or 50 USDT annually.

Paid Gigamax affiliate membership provides access to more investment ruses.

Gigamax Conclusion

Gigamax appears to be in the “keep changing our website domain to hide from authorities” stage of its Ponzi scheme.

The Malaysian Securities Commission’ fraud warning was a few months ago, so critical mass has likely also been reach (withdrawals have exceeded new investment).

This is reflected in Gigamax’s .AI domain traffic dropping 27% between June and July 2023.

Gigamax’s newly created website domain presents visitors with the following message:

Dear Gigamax users,

We are excited to share some important updates regarding our platform:

1) New Domain: As of yesterday, we have migrated to a new domain to enhance our services and provide a more efficient user experience.

2) Security Futures: We are implementing additional security measures to safeguard your assets.

During this process, you may experience a temporary slowdown in the login process. Rest assured, this is to ensure your safety.

3) Smooth Withdrawals: In just one week, you’ll enjoy smooth and hassle-free withdrawals.

We’re introducing enhanced features allowing you to withdraw up to 10 times the rewards for each day, including profit rewards and affiliate rewards.

Capital withdrawals will only be permitted after our Web 3.0 is fully operational, ensuring a secure and seamless environment for your financial transactions.

4) Data Migration: To further improve our services, we are diligently working on migrating all information from our old system to Web 3.0.

This migration process will be completed by the end of August, allowing us to harness the power of big data for better user experiences.

5) Your Fund’s Security: We want to emphasize that the security of your funds remains our utmost priority.

We continuously invest in robust security protocols to safeguard your assets and protect your privacy.

We appreciate your continued support and trust in our platform. These upgrades will enable us to offer you an even better and safer trading experience.

Should you have any questions or concerns, please don’t hesitate to reach out to our dedicated support team.

Thank you for being a part of our growing community!

Pretty much everything in the message is straight up bullshit:

  • changing a website domain doesn’t “enhance services” or “provide a more efficient user experience”
  • “web 3.0” isn’t a thing you can enable
  • “data migration” within Gigamax would take a few minutes (if that), not weeks
  • you can’t “data migration” to web3.0, it’s not a thing (web 3.0 is a catch-all for crypto scams)

What isn’t mentioned in Gigamax’s website message is the company requiring investors to deposit additional cryptocurrency to keep their accounts.

This is a classic recovery scam, being perpetrated by Gigamax on its own investors.

Needless to say if you’ve invested anything into Gigamax, it’s gone. Throwing more cryptocurrency at the scam isn’t going to get you anything back.

Whatever Gigamax does launch on its week-old will be the third reboot of an already twice-collapsed Ponzi scheme.

Personally I’m of the mind this is just a ruse to get gullible saps to deposit additional funds, before Gigamax pulls the plug at the end of August.

Either way whatever happens, math guarantees the majority of participants in Ponzi schemes lose money.