Promotion is a key element when it comes to the sale of a new asset. Marketing agencies aren’t one of the most overpaid branches of the modern world for nothing.

One of the most efficient marketing strategies out there, is to have a highly-respected member of the community to aim to attract stand behind the new product. Sometimes however, the highly-respected members’ reputation can quickly take a turn for the worse if the product turns out to be a scam.

The crypto world has had its fair share of scams and companies with a good reputation will do everything to maintain it. Bitmain recently accused a crypto project of false use of its name during a marketing campaign.

The product is called Mangocoin (MNG) and last week, Bitmain released a blog post detailing how it came across a fraudulent use of its name in the sale of a product which was named “Bitmain Cloud Miner” in the marketing campaign of Mangocoin.

According to the blog post, the fraud featured Mangocoin staff members impersonating Bitmain and promoting their own products on the website.

Mangocoin’s marketing campaign was quickly discredited

Bitmain instantly warned all their clients that Mangocoin and all of their social media accounts, websites and apps are not related to Bitmain in any way. The company underlined that it does not stand behind MNG in any way, let alone as its developer.

As the crypto market is growing, so are the scams. Every year sees more new and unique ways fraudsters use to try and swindle crypto community members.

Last week, it was revealed that many United States crypto users were getting fake IRS letters. The letters were very different and almost all of them threatened with legal consequences if immediate payment did not occur.

A lot of the letters were also tied to an agency named “The Bureau of Tax Enforcement”. IRS later publicly stated that these letters have been popping up for quite a while and such a legal agency does not exist.

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Ian Karamanov

About Ian Karamanov

Based in Sofia, Bulgaria. Writing about cryptocurrency, politics, finance and esports. Keen interest in unedited history, spirituality and freedom.

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