- Soon after DubaiCoin surged by over 1000 percent, it has fallen heavily following reports that it has nothing to do with the Dubai City.
- The website set up to promote DubaiCoin is said to be fake.
DubaiCoin has crashed heavily following recent reports that the asset was not launched by the Middle Eastern city. The crypto rose above the bleeding market to record a 1000 percent surge from $0.17 to $1.13 on 27 May 2021.
Initial reports said that DubaiCoin was created by Arabianchain Technology, a United Arab Emirates-based company. It was also reported to be based on the public blockchain and claimed to be the first in the Arabic world. The digital asset was tipped to assume a role quite different from most of the existing cryptos. According to the defunct website that promoted the coin, DubaiCoin was created to replace the currencies backed by the traditional banks.
Circulation of the new digital currency will be controlled by both the city itself and authorized brokers.
In another statement, it was reported that Arabianchain had said the price volatility that may come with the coin mining would be controlled by the City of Dubai. However, all the information has turned out to be false.
Dubai Media warns about DubaiCoin
Following the release from the defunct website claiming the asset would be controlled by Dubai City, the Dubai Media Office has released a counter statement to object to the claim. According to them, DubaiCoin has nothing to do with the city.
The website promoting DubaiCoin is an elaborate phishing campaign that is designed to steal personal information from its visitors.
The website operators seem to have backed down as its claim that the coin has “been launched by Dubai, and is set to become the city’s de-facto digital currency,” has been removed.
Dubai Coin cryptocurrency was never approved by any official authority.
The website promoting the coin is an elaborate phishing campaign that is designed to steal personal information from its visitors. pic.twitter.com/Q0HBXfqaDO
— Dubai Media Office (@DXBMediaOffice) May 27, 2021
According to Arabianchain, the DubaiCoin project is a scam, and the website was not operated by them. They cautioned that DBIX is the native asset of their platform, and it is not related to DubaiCoin.
DBIX is the fuel of Arabianchain and the first minable digital currency in the region.
After Arabianchain and Dubai Media warned about DubaiCoin, major listing websites like CoinGecko and CoinMarketCap have removed all data about the coin from their website. The crypto has since the report dropped deeply to trade at a current price of $0.32.