The Dubai Electronic Security Centre announced on late Thursday night that the ‘Dubai Coin’ digital currency has not been approved by any official entity and that the website promoting the coin is an unlicensed site. The announcement was a warning that DubaiCoin relaunch was a scam.
The whole scam started when PR Newswire picked up a press release with the logo and contact details of ArabianChain, that claimed that DubaiCoin was being launched as the coin for Dubai city to purchase goods online. Although, it has now been removed. After the scam press release, DubaiCoin was purchased and its price rose from 0.09 cents to 1.13 USD. According to Crypto.com there are more than 4.26 million Dubai Coins in circulation.
ArabianChain also stated that the relaunch was fake and that its name and logo has been fraudently used in the press release.
“We haven’t made such an announcement, please be cautious,” the company said on Twitter.
The website, which featured ArabianChain’s logo, was supposedly being run by a company calling itself Dubpay International. At the time of writing, the website is no longer operational.