JPMorgan Chase clarifies it has nothing to do with "Morgan Coin" pyramid scheme in China

JPMorgan Chase is complaining about a possible scam cryptocurrency that has emerged in China and uses the bank's brand name.

    Recently, JPMorgan Chase published a message on its Chinese website, denying the connection between JPMorgan Chase and the so-called "Morgan Coin" or "Morgan Dollar". "Morgan Coin" is an electronic virtual currency. Recently, some Chinese websites, Weibo and WeChat platforms are promoting sales. JPMorgan Chase wrote in its statement :

    These websites, Weibo and WeChat platforms are not related to JPMorgan Chase and its group companies. JPMorgan Chase and any of its affiliates in China or around the world have not issued the product called "JPM Coin".

     More than a year ago, a website related to "Morgan Coin" introduced how this digital cryptocurrency was born. Another website related to "Morgan Coin" opened a virtual currency forum and outlined the cloud computing services related to Morgan Coin.

     There is also a Facebook group about Morgan Coin, which published a series of articles on October 3. The first article in the group mentioned that Morgan Coin is a valuable market opportunity, which is only available to its "members" (their professional term may refer to a multi-level marketing program similar to OneCoin and Gemcoin )

     According to some social media articles , JPMorgan Coin appears to be derived from an earlier electronic currency pyramid scheme, BBT Coin. Other articles claim that JPMorgan Chase is an "investor" in this cryptocurrency.

     According to the introduction on the Internet, the income of Morgan Coin can be divided into two forms: one is static income and the other is dynamic income. The static income comes from a virtual machine called "cloud mining machine" (simply speaking, it is a program). Investors only need 1,000 yuan to buy a virtual machine (i.e., an account). The dynamic income mainly comes from the commission for developing downlines, which is divided into "point-seeking award" and "leadership award". The point-seeking award can be understood as a new employee training award. For every 6 people developed as a cycle, 720 Morgan coins can be commissioned at one time, which can be cycled unlimited times without a cap.

     After being warned, JPM Coin seems to have started to work hard to shake off its association with JPMorgan Chase. According to a post on the JPMMP.com forum , the currency was renamed "Beta Coin." A previous post on the JPM Coin official website also showed the corresponding change.

     The website bbtcoin.org has appeared on the Internet, and the currency name has been changed to "Beta Coin". The website says that investors can "easily buy a coin-making machine" and claims that "Beta Coin" has 21 million investors.