Vietnamese TV VS Singapore Registered MinePlex – CryptoMode
The Vietnamese blockchain landscape is simmering in the scandal surrounding the national TV station and the well-known Singapore-registered cryptocurrency company MinePlex.
On March 9, 2023, VTV Channel published a news article accusing MinePlex of being a Ponzi scheme with no implemented products titled “The electronic bank self-proclaimed as MinePlex operates illegally”. MinePlex responded with an official letter with an invitation to work with the company and its attorney “to resolve the matter with the above article”.
Earlier this year, the same MinePlex was named among 3 main blockchain projects in 2023 by Nasdaq journalists. The general media coverage also seems positive: the project was mentioned among the best blockchain companies by the International Business Times, Seeking Alpha and other media. The reputation was impeccable. But it didn’t help.
Blockchain projects regularly face difficulties in protecting their reputation. Of course, there are projects in the blockchain scene that have no real product, there are tokens without real utility and there are claims that are not substantiated. And the blockchain field is suffering from the aftershocks of such projects’ failures.
Even in their letter to VTV, MinePlex shared that they hold conferences and seminars to talk “about security and encourage improving financial literacy”. But what’s a project to do if journalists don’t just check the publicly available information or just go against the facts?
Before accusing a company of illegal activities in Vietnam, the journalists could have examined the company’s registration in Singapore (registration number 202025952D). The project team has also passed the KYC check of the international company CertiK.
Before VTV called MinePlex “a self-proclaimed bank”, VTV could have checked the MinePlex communication which clearly states that the project does not own the banking license but operates in partnership with traditional banks. In early 2023, MinePlex announced a strategic partnership with a major Brazilian bank.
Before suggesting that MinePlex could be a Ponzi scheme, they could have scanned the project’s whitepaper and tried the products in the ecosystem. MinePlex representatives shared that the uniqueness of the technology has already gained recognition:
“Already 2.5 years ago, the MinePlex technology was recognized as unique in the world media. The MinePlex blockchain is based on the work of two tokens. One mines the other. This is written in a mathematical algorithm and the company cannot interrupt this process on some way.”
Finally, instead of cutting the quote out of context from the project’s CFO speech, they could have presented the full context where Fyodor Bogorodsky clearly states that the company makes no guarantees or promises. How could it really be different in a speech from a banking expert with over 20 years of experience?
Of course, VTV journalists could have done all that, but who would want to see another story about a blockchain project that works just fine? Was it a victim of drug addiction or just a lack of professional ethics?
The MinePlex management asked in its letter to the VTV channel to cooperate with the company and its lawyer to clarify the content in relation to stated accusations “that could cause confusion” or affect the “honor and reputation” of the blockchain project.
What the news media will do remains to be seen, but one thing is clear: blockchain projects were getting tired of having their reputations destroyed based on baseless accusations.
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