MangoCoin (MGC) Fraudulently Used Bitmain’s Brand for Sales of Cloud Miner

Is Bitcoin Loophole a scam? Yes

Crypto mining giant, Bitmain, took to its scam buster section to report a cryptocurrency dubbed MangoCoin (MGC), that illicitly used Bitmain’s brand in the sale of a so-called “Bitmain Cloud Miner.” 

According to the blog post on  August 9th, Bitmain said the “Bitmain Cloud Miner” which traded under the Bitmain brand was in no affiliation with their company.

The chip makers further noted that the fraudulent activity was in the promotion of “MangoCoin (MGC)” on its medium, including the website, application, and software.

Bitmain, on this issue, noted that MangocCoin (MGC) and the website, APP, and it’s social media accounts, are not business channels or platforms of Bitmain.

“The Bitmain Cloud Miner on any platform of ‘MangoCoin (MGC)’ is not developed by Bitmain.” and these have no connection or affiliation with us whatsoever,” the blog post reads.

With much concern on the customers’ protection, Bitmain may likely seek legal action against the development with Mangocoin. The crypto mining company is against any fraudulent use of the “Bitmain” brand and imposters.

In addition, Bitmain wrote, “we resolutely adopt legal means to protect ourselves and our customers’ rights and interests.” 

Meanwhile, the website which was associated with MGC went down for maintenance with a 21-day second-by-second countdown. It had a message that “Something really good is coming very soon!”

Mango Exchange, the trading platform and wallet service involved with the MangoCoin on the alleged fraudulent activity, however, is still up and running. MangoCoin and its affiliates have not responded to requests on Bitmain’s accusations at press time.

To this extent, Bitmain urged both the existing and potential customers to correctly identify the service provider when purchasing or signing up for products online. 

Products with the brand’s name should be purchased only after careful deliberation, Bitmain said. Also, they ought to watch out against misleading promotions, illegal fund-raising, fraud, and other malicious activities on the net.

In a separate development with the crypto mining chip maker, Coinfomania reported that Bitmain is set to return the second version of the 2019 World Digital Mining Summit (WDMS). It is s two-days industry investment and innovation-focused summit for the mining sector.

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