Altcoin News: Bitmain Discovered the Use of Its Brand to Promote Shitcoin

August 12, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The largest manufacturer of mining equipment Bitmain found that the brand of the company is used by scammers to promote the Mangocoin cryptocurrency (MNG).

According to the company, scammers promote a product called “Bitmain Cloud Miner” and use it to popularize the Mangocoin cryptocurrency on their website, application and programs.

Bitmain has issued a warning that it is not related to Mangocoin-related applications, accounts on social networks and groups in instant messengers. In addition, the company’s lawyers reported to the law enforcement authorities about the unlawful use of the trademark.

“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,” the Bitmain report says.

Earlier it was reported that in the first quarter of 2019, Bitmain suffered significant losses — $310 million evaporated from the company’s accounts.

Author: Marko Vidrih