A Possible Digital Currency Scam is Using JPMorgan's Branding

NEWS
Stan Higgins
Nov 16, 2015 at 20:10 UTC  |  Updated  Nov 17, 2015 at 20:49 UTC

A possible cryptocurrency scam is using JPMorgan & Chase's branding – and the bank isn't happy about it.

In a message posted to its Chinese-language website, JPMorgan disavowed any relationship with the so-called "JPMCoin" or "Morgan Dollars", a virtual currency currently being pitched via Chinese social media platforms.

The bank said in the statement:

"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 authorized references to JPMorgan, JPMorgan Chase or Morgan in any way."

One website associated with "JPMCoin" detailed how the cryptocurrency had been created more than a year ago. The website, which was accessible as of this morning, is no longer operational, stating that "this account has been suspended".

Another website associated with the virtual currency sports a discussion forum and outlines a related cloud mining service for JPMCoin.

A Facebook group for JPMCoin includes a series of posts from 3rd October. In the first post on the group page, JPMCoins are described as a rare market opportunity available only to "members" – terminology that points to the likelihood that it is a multi-level marketing scheme akin to Gemcoin and Onecoin.

JPMCoin appears to have grown out of an earlier digital currency scheme pitch called "BBTCoin", according to social media posts, which use similar language to those later pitching JPMCoin.

Other posts claim that JPMorgan is as an "investor" in the cryptocurrency.

In the wake of the warnings, it appears the project is shifting its branding away from the JPMorgan association. According to a post on the JPMMP.com forum, the cryptocurrency is being rebranded as "Beta Coins".

An earlier post on the now-suspended JPMCoin site also alluded to this change.

Image Credit: pcruciatti / Shutterstock.com

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