Protecting Reputation is Hard in Crypto World: CEO MinePlex Speaks on VTV Report
Singapore-based cryptocurrency company MinePlex accused major Vietnamese television channel VTV of defamation and spreading false information on MinePlex’s activities. Now the company is trying to protect its business reputation. We contacted Alexander Mamasidikov, the founder and CEO of MinePlex, to discuss the VTV report and how it has impacted MinePlex’s operations.
Q: Can you tell us more about the accusations made by VTV against MinePlex?
AM: This week the leading Vietnamese TV channel has broadcasted a report on MinePlex, providing viewers with unverified information. The article and the video were entitled “The electronic bank self-proclaimed as Mineplex operates illegally”. These articles and video reports have caused confusion, scandal, and have damaged our reputation and honor, causing a stir in the community.
Q: What steps have you taken to address these accusations?
AM: We have sent an official letter to the television station, and our lawyer has contacted the company. In the letter, we detailed all of the errors made by the authors of the report and included evidence from reliable third-party sources to refute them. We emphasized that our products have been certified by CertiK, a well-respected international company in the blockchain industry. Additionally, we were always transparent about not offering banking services by ourselves and instead relying on partnerships with traditional banks. Since the beginning of 2023, our partner is a major Brazil-based bank. This operating model is a standard practice utilized by neobanks and digital banks worldwide.
However, we have not received any response from the TV channel regarding the content they have posted. This topic has already received coverage in the world media, and many journalists have contacted me, to whom I provided my response to the Vietnamese channel’s slander.
Q: Can you clarify the legal status of MinePlex?
AM: MinePlex is an officially registered company in Singapore. We have a complete legal framework and all the necessary legal permits to operate. We have all the certificates, registrations, and we undergo constant security checks from the most reliable security firms in the world. We publish all of our documents on our website.
Q: What is the unique feature of MinePlex technology?
AM: Since its launch in 2020, MinePlex technology gained global recognition for its unique blockchain based on two tokens, one of which mines the other through a math algorithm. The company has no ability to interrupt this process. The MinePlex blockchain program code is openly available on GitHub, and all transactions are visible on the Explorer blockchain browser. MinePlex was recognized as a top blockchain project in 2021 by International Business Times, named Top Digital Finance Company 2021 by Seeking Alpha, and ranked first among top crypto projects of 2023 by Nasdaq.
Q: Can you address the accusations made by VTV that MinePlex is a pyramid scheme?
AM: The VTV journalists did not understand how the MinePlex blockchain works, how tokens are charged, mined, and what is needed for this. MinePlex is not a Ponzi scheme or a multi-level system. At the heart of MinePlex there is a mathematical algorithm, and the company cannot change the workflow of this algorithm. The MinePlex blockchain operates two tokens. The number of users who have staked MINE does not affect the speed, and the last PLEX token will be mined in 30 months according to the blockchain algorithm. We have described all the features of the technology in detail in the White Paper. Another uniqueness of MinePlex technology is that a user doesn’t turn over control of his digital funds to anyone while staking, users delegate their address and can withdraw MINE at any time.
Q: Can you clarify how users can obtain MINE and PLEX tokens?
AM: The company does not sell either MINE or PLEX. Users themselves purchase tokens on the exchange and stake them, where the company cannot interfere in any way. The company never lures anyone, and this is absolutely not true.
Q: What is MinePlex’s stance on the regulation of cryptocurrencies?
AM: We share the concerns of governments and journalists about the unregulated nature of cryptocurrencies and the dangers of this market for newbies. Among the MinePlex community, we hold conferences and broadcasts on security and the rules of the crypto market. We encourage users to improve their financial literacy and education and to safeguard their assets.
Q: How can people contact MinePlex for further inquiries or communication?
AM: We are always open for questions and communication. You can contact us on official social networks, and we will be happy to go live and answer any questions.