The Dubai Electronic Security Centre announced that the Dubai Coin cryptocurrency has not been approved by any official body. The website which is promoting the coin is an unlicensed site, that primarily works in phishing e-mail information, passwords, and phone numbers of people through an electronic form.
From their official Twitter handle, Dubai Media Office tweeted saying, “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.”
The officials also warned people that a crypto asset has been making rounds, claiming to be the official digital currency of the emirate. Dubai Coin is a recently launched virtual asset that came under scrutiny after Arabian Chain Technology, which was reportedly behind the launch of DBIX, denied the news.
They cautioned people saying that hasn’t made any such announcement and that the website is a fake one. Other media reports mentioned that an investigation is underway. Another press release was issued, stating that Arabian Chain Technology was behind the launch of the asset. While initially a lot of local and foreign media covered the story, a number of them redacted it after some time.
Dubai Coin was launched at an original price of $0.17 and was listed on a number of trading platforms. But since then, most of these platforms have removed it, including CoinMarketCap. Interestingly, crypto.com listed Dubai Coin’s price at $1.13 this week with a supply of 4.26 million and a market capitalisation of $4.84 million. The DubPay website leads to a blocked URL as of this writing.