A possible cryptocurrency scam is using J.P. Morgan & Chase’s branding.
In a message posted on JPMorgan’s Chinese-language website, J.P. Morgan disavowed any relationship with the so-called “JPMCoin” or “Morgan Dollars”, a virtual currency currently being pitched via Chinese social media platforms.
[quote]A Facebook group for JPMCoin, includes a series of posts 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”.[/quote]