The Dubai government has issued a warning against a cryptocurrency that was recently launched in the emirate.
The DubaiCoin is gaining popularity since it was launched in the market rising more than 1,000 per cent in 24 hours.
The digital currency, which was first launched in 2017 but was shelved in 2019.
According to Crypto.com, the DubaiCoin had a supply of 4.26 million at its peak with a market capitalisation of $4.84 million (AED17.77).
However, the Dubai Government clarified that cryptocurrency has no official backing from authorities.
“Dubai Coin cryptocurrency was never approved by any official authority,” the Dubai Media Office said in a tweet on Friday.
“The website promoting the coin is an elaborate phishing campaign that is designed to steal personal information from its visitors.”
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
Arabianchain Technology, a UAE-based blockchain company that owns the Palmex cryptocurrency exchange, has issued an official statement saying the relaunch is fake and being used for scam.
“We haven’t made such an announcement, please be cautious,” the company tweeted.
The website of the “relaunched” cryptocurrency managed by a company called DubPay International is not operational anymore with the link leading to a blocked URL.
