The Malta Gaming Authority has faced many challenges over the years, however, being used as the face of a new cryptocurrency is likely something new even for them. Join us as we look into this new MGA token.
When you are entering a hot new market there is always the problem of whether your new enterprise or product will capture any market share. One less than ethical way to accomplish this is to try to leverage the brand awareness of another well-established IP.
This is especially true when you are trying to make inroads into the multi-billion Euro cryptocurrency market with a brand new token.
MGA Says No!
This brand identity theft is exactly what the Malta Gaming Authority faced when it was made aware of a new cryptocurrency which was literally named the ‘Malta Gaming Authority’ token.
In their usual clinical fashion, the Authority has deigned to give the coin any free media, rather simply denying their involvement with it:
“The Malta Gaming Authority (MGA) is hereby declaring that it has no connection or affiliation with the cryptocurrency entitled ‘Malta Gaming Authority’, which is referenced to on bscscan.com. In the absence of any authorisation granted by the MGA in terms of the Gaming Act (Chapter 583 of the Laws of Malta) and the binding instruments issued thereunder, any statement or reference referring to any cryptocurrency purporting to be connected or affiliated to the MGA is false and misleading.”
The token which appears on BscScan as ‘MGA’ is listed as offering a total supply of 100,000 units at a market price of €0.00. However, there are seven addresses, or wallets, currently holding MGA. These are most likely the wallets of the token’s creators.
Why Create a MGA Token?
Virtual currency creators are willing to do whatever it takes to get their currency circulating as even modest success can mean becoming insanely wealthy overnight. As has been proven by the success of the meme coin DOGECOIN and even the rollercoaster ride we have all been on with Bitcoin, the level of success a token gains is linked to its ability to reach the correct audience.
In addition to being one the most trusted gaming authorities in the world, the Maltese regulator is also in the process of deciding on the legalisation of Bitcoin gambling for its license holders.
It is thought that the creators of the ‘Malta Gaming Authority’ cryptocurrency could simply be looking to ride the coattails of the news cycles surrounding this decision making process and fooling would-be investors into buying the token believing it to be undersigned by the regulator.
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