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Bitmain, the Beijing-based major cryptocurrency mining company, has recently published in an official blog post a the little-known cryptocurrency ‘Mangocoin’ (MGC) has frequently used the ‘Bitmain’ brand name. This was apparently intended to sale the so-called product ‘Bitmain Cloud Miner’ and to promote Mangocoin on its website and applications.
Bitmain has formally declared that the company has no affiliation whatsoever with Mangocoin. Bitmain confirmed that the mining hardware development company in no way associated with any of the Mangocoin projects or with the mining devices on its website it is selling with Bitmain’s brand. The cryptocurrency mining giant has also clarified that it may seek legal actions against Mangocoin.
Bitmain is a leading Chinese crypto company that develops application-specific integrated circuit chips for cryptocurrency mining, and it one of the largest firms in the industry of crypto mining hardware development. Mangocoin is an Oregon based cryptocurrency (ERC-20 token) that helps farmers and the agriculture community to trade agriculture products digitally.
The blog post states:
“‘Mangocoin (MGC)’ and its website, APP, social media accounts, WeChat groups, QQ groups, etc. are not business channels or platforms of Bitmain, and these have no connection or affiliation with us whatsoever … The ‘Bitmain Cloud Miner’ on any platform of ‘Mangocoin (MGC)’ is not developed by Bitmain.”
In its official blog post, Bitmain also mentions that the various ways Mangocoin is using to promote MGC and other related products have no connection with Bitmain.
Furthermore, Bitmain’s blog post indicates that after Mangocoin’s fraudulent use of the ‘Bitmain’ brand to promote itself and the sale of Bitcoin mining equipment, the company will consider taking legal actions against Mangocoin to protect itself and Bitmain’s customers’ rights and interests. The company will protect its brand name and the image in the cryptocurrency market.
Bitmain further conveys to its existing customers to identify the authorized product provider and verify the products themselves before purchasing them. The firm warns users to take extra precautions before purchasing products, especially when signing up for online services, and stay alarmed ‘to misleading promotions, illegal fund-raising, fraud, and other malicious activities on the internet.’
Interestingly, Mangocoin’s website is currently down for maintenance while it states that “Something really good is coming very soon!” in 17 days. It is unclear if this has anything to do with its recent imbroglio with Bitmain, a launch of a new digital product, or something else entirely.