A Possible Digital Currency Scam is Using JPMorgan's Branding

An allegedly fake cryptocurrency is using JP Morgan & Chase's branding, prompting the bank to issue a formal notice distancing itself from the scam.

AccessTimeIconNov 16, 2015 at 8:10 p.m. UTC
Updated Sep 11, 2021 at 11:59 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.”

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".

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


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.