Dubai City warns that the Dubai Coin (DBIC) project is a scam, the token price is falling by almost 0
The Dubai Media Office announced that authorities never approved a digital currency called the Dubai Coin, which saw a 1,000% increase earlier this week when the project was launched under the name “Dubai Coin”.
The cryptocurrency Dubai Coin has never been approved by any official authority.
The website that promotes the coin is an elaborate phishing campaign that aims to steal personal information from its visitors. pic.twitter.com/Q0HBXfqaDO
– Dubai Media Office (@DXBMediaOffice) May 27, 2021
“It’s not the city’s official cryptocurrency,” warns the note. The Dubai Coin (DBIC) advertising website is a sophisticated phishing campaign aimed at stealing personal information from visitors. “
Launch of Dubai Coin on Bitcointalk
Following the announcement, the major exchange platforms CoinMarketCap and CoinGecko have removed Dubai Coin from their websites. According to TradingView, the price of this coin has fallen near zero since the official announcement.
Dubai Coin’s now defunct website claims it is a project run by ArabianChain Technology, a public blockchain developed in the region. ArabianChain quickly argued that Dubai Coin had nothing to do with the company. They also refer to the project’s website as a scam.
According to ArabianChain, DBIX is the platform’s native digital currency. But it has nothing to do with DBIC.
“DBIX is the fuel source for Arabianchain and the first degradable digital currency in the region,” the company said.
A press release about the Dubai Coin, which has since been deleted, states that the coin will be “brought onto the market by Dubai and will de facto be the city’s digital currency”.
Dubai is known for its positive attitude towards blockchain technology and cryptocurrencies. This year, the Dubai Financial Services Authority stepped up its efforts to create a standardized framework for cryptocurrency regulations in the wealthy emirate.
According to AZCoin News