Home Market Dubai govt cautions against local crypto DubaiCoin after 1,000% jump in 24...

Dubai govt cautions against local crypto DubaiCoin after 1,000% jump in 24 hours

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A cryptocurrency called DubaiCoin (DBIX) jumped 1000 per cent in 24 hours. But Dubai government has warned investors against this digital coin and said it was a phishing scam.

DubaiCoin’s value shot up after a press release claimed that the coin has been named the official digital currency of Dubai. Numerous media sites reported on the cryptocurrency’s surge.

However, in a statement on Friday, the Government of Dubai Media Office stated that DubaiCoin 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 government warned.

The price of the crypto rose by 1,000 per cent over the last 24 hours. According to Crypto.com, DubaiCoin was trading at around $0.17 but picked up to $1.13 on May 27.

The surge brought it to the notice of the Dubai Electronic Security Centre, following which it issued a statement.

ArabianChain Technology that founded the coin claims that it offers “the first public, decentralised and consensus-driven blockchain in the MENA region”. It, however, denied making any such claim about the cryptocurrency and said that the website was fake. “We haven’t made such an announcement, please be cautious. Also this website: http://dub-pay.com/en/ is fake and scam .please be careful,” it said. Dub-pay is the site where the press release was published.

The press release said that DubaiCoin will soon be able to be used for a range of products and services both offline and online and used in place of traditional bank-backed currencies.