Some foreign hustlers are pushing a fake digital currency in China that is associated with one of the largest banks on the globe.
A new type of fraudulent, virtual currency–known as “JPMCoin” or “Morgan Dollars,”— has been introduced into China and is making the rounds on Chinese social media sites, forcing J.P Morgan Chase to deny any relationship or affiliation with the digital currencies, Coin Desk reported Nov. 16.
Digital or virtual currencies are Internet-based forms of currency that are exchanged for goods and services. Generally, such currencies are regarded as untraceable.
The Chinese division of J.P Morgan released a statement on the digital currencies:
JPMorgan Chase is aware of several websites, Weibo and WeChat pages, promoting and selling JPM Coin (摩根币). None of these sites are associated with JPMorgan Chase or any of its group companies. JPM Coin is not a product of JPMorgan Chase nor of any of its affiliates in China or elsewhere. JPMorgan Chase has not authorised any virtual currency (of this type or similar in any way). JPMorgan Chase has not authorised references to J.P. Morgan, JPMorgan Chase or Morgan in any way.
News of the fake currency spread on sites like Weibo (the Chinese equivalent of Twitter and Facebook), WeChat, and Facebook.
Coin Desk noted that a Facebook post from Oct. 3 stating “JPMCoins are described as a rare market opportunity available only to ‘members'” was language reminiscent of a previous scam involving another virtual currency called “BBTCoin.”
The digital coin’s association with J.P Morgan is bringing more baggage and attention than anticipated. According to Coin Desk, the currency has already been renamed “Beta Coins.”
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