I'm pretty sure it is, look at this excerpt from their .com site: "Dear Ciao member, We are delighted to announce an exciting change. As part of the Microsoft family, Ciao US is being integrated into our new search engine, Bing. You'll soon find familiar Ciao merchants and product listings on Bing Shopping, and you'll be able to save even more money with the Bing cashback program."
You need to check the news more often. Here is a headline from August 29, 2008 more than a year ago. Microsoft Says Hello to Ciao, Buys European Shopping Site hxxp://www.techcrunch.com/2008/08/29/microsoft-says-hello-to-ciao-buys-european-shopping-site/
Hmm .. That's makes explain why Ciao don't give any more money to their member .. WTH, I've earn almost $1000 from Ciao ..