Bitmain, a leading manufacturer of crypto mining hardware, issued a public warning regarding a cryptocurrency project fraudulently using its name to promote Mangocoin (MNG).
In a recent published blog post, the company revealed it discovered its name was being used to sell a product called the “Bitmain Cloud Miner” and to promote Mangocoin.
Pretending and Promoting
Bitmain stated the scammers were reportedly pretending to be connected to the company and were promoting the said products on their application, software and website.
They cautioned the public about Mangocoin, saying that they are not the developer and they don’t support the cryptocurrency. The company also stated that the MNG application, social media accounts website and dedicated Messenger groups are not part of Bitmain’s corporate platforms or channels.
The mining hardware developer has reportedly taken legal action to safeguard itself and its clients’ rights.
Be Extra Careful
Bitmain also reminded current and prospective customers to properly establish the service provider first before making purchases. They advised consumers to deliberate carefully before signing up or buying anything online and to remain alert for any illicit fund-raising, misleading advertisements, and fraud.
The advice is worth following, especially in the light of several scams being uncovered. It was reported back in July that people have received scam emails from cyber criminals. The fake emails were encouraging people to invest in crypto assets and were reportedly sent by the UK’s Financial Conduct Authority.
Meanwhile, the Money Group warned people of a new scam called “Monex Coin Management.” Potential victims would receive calls that pertained to the online broker and its business.