A new crypto platform named MangoCoin was fraudulently using the name of Bitmain to sell its cloud miner. Bitmain quickly responded to it in a blog post stating that it has no association with the company whatsoever.
Mangocoin Using Bitmain Brand To Sell Cloud Miner
Mangocoin is attempting to sell its cloud miner as “Bitmain Cloud Miner”, a marketing stunt that fraudulently uses the name of Bitmain. Bitmain was quick to caution the crypto community, stating that it has no relation with the app or social platform owned by MangoCoin. In a blog post, published on August 9, 2019, Bitmain states that “Mangocoin (MGC) and any social account, software, QQ groups, etc has no affiliation with Bitmain whatesover. The blog post reads;
The “Bitmain Cloud Miner” on any platform of “Mangocoin (MGC)” is not developed by Bitmain.
MangoCoin’s website is down following Bitmain’s report. In the blog post, Bitmain has also stated that it will use legal means to protect the brand as well as the customer’s rights and interests. While MGC’s website is down, its corresponding exchange and wallet service are live and running.
Bitmain, in its blog, warns its existing and potential customers to follow due diligence to identify the service provider. The blog reads it as follows;
We would like to remind our existing and potential customers to correctly identify the service provider when purchasing products, to sign up for or purchase anything online only after careful deliberation and stay alert to misleading promotions, illegal fund-raising, fraud, and other malicious activities on the internet.
Bitmain is known as the world’s leading manufacturing company for ASIC mining machines. The company, currently responsible for over 30% of BTC mining, reported a loss of $310 million in Quarter 1, 2019.
Image source – Shutterstock
The presented content may include the personal opinion of
the author and is subject to market condition.
Do your market research before investing in cryptocurrencies.
The author or the publication does not hold any responsibility
for your personal financial loss.