It appears a possible cryptocurrency scam is underway, using JPMorgan & Chase’s namesake – and from the sounds of it bank isn’t happy about it.
For those unfamiliar, cryptocurrencies are a medium of exchange designed around trading information securely, in a process made possible by certain principles of cryptography. Bitcoin was the very first cryptocurrency introduced in 2009. Since then, millions of cryptocurrencies have been created.
As for the so-called JPMCoins (sometimes called “Morgan Dollars”), JPMorgan & Chase is vehemently denying any involvement or relationship with its creation and issued this statement:
“JPM Coin is not a product of JPMorgan Chase nor 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.”
It’s still unclear as to who created this new cryptocurrency or for what purpose. Stay on the lookout.
To read more about this developing scam, visit Coindesk.com.
“New York Stock Exchange – Financial Disctrict, USA” by Butz.2013 is licensed under CC BY 2.0
“We are Anonymous. We are Legion. We do not forgive. We do not forget. Expect us” by Pierre (Rennes) is licensed under CC BY 2.0