Is the Dubai Coin an elaborate scam?

DubaiCoin (DBIX), a recently launched cryptocurrency, has surged by over 1000 percent in less than 24 hours. However, the Dubai government has issued a warning to investors about this digital cryptocurrency, claiming it is a phishing scam.

The value of DubaiCoin increased after a news release last week by the company  “DubaiCoin will be able to be used to pay for a wide variety of products and services both in-store and online, with the aim of replacing conventional bank-backed currencies. Both the city and approved traders will be in charge of the new digital currency’s circulation”, later ArabianChain Technology denied making such a claim regarding the cryptocurrency.

The Government of Dubai Media Office, on the other hand, declared on Friday that DubaiCoin was never sanctioned by any official authority. The ministry stated,  “The website promoting the coin is an elaborate phishing campaign that is designed to steal personal information from its visitors,” the government warned.”

The value of the cryptocurrency has increased by 1,000% in the previous 24 hours. According to Crypto.com, DubaiCoin was selling at roughly $0.17 on May 27 before rising to $1.13.

ArabianChain, which owns the Palmex cryptocurrency exchange, stopped working on Dubai Coin in 2019 to concentrate its resources on Palmex. “We haven’t made such an announcement, please be cautious,” the company said on Twitter. A website offering the coins for sale, which is no longer operational, was described by ArabianChain as a “scam.”

The coin does seem to have not accessible for trade on any of the main cryptocurrency exchanges.




Image: mjimages

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