Dubai authorities label Dubai Coin organizers as scammers

A Dubai government press service said that the emirate has no own digital currency, and the organizers behind the Dubai Coin project are scammers.

Dubai Coin cryptocurrency was never approved by any official authority.
The website promoting the coin is an elaborate phishing campaign designed to steal visitors’ personal information. pic.twitter.com/Q0HBXfqaDO

— Dubai Media Office (@DXBMediaOffice) May 27, 2021

The website promoting the coin is a carefully crafted phishing campaign designed to steal visitors’ personal information, the statement says.

The warning appeared after the publication of пресс-релиза from Arabian Chain Technology about the alleged creation of Dubai’s own digital currency Dubai Coin (DBIX). As of this writing, the material is unavailable.

According to its archived version from 24 May, control of the coin would be exercised by “authorized bodies”. The authors of the press release claimed that the “start price” of DBIX on the project site was $0.17.

“Dubai Coin has never received approval from any official body,” the government’s press service stressed.

As of writing, the project site was also not functioning. According to the archived version, the organizers offered users to fill out a form providing an email address and a phone number allegedly for contacting a manager.

On May 26, 2021, the DBIX price rose above $1.50. After the authorities’ statement it collapsed to below $0.20. Popular market-data aggregators removed the coin from listings.

Blockchain company ArabianChain Technology said that it did not publish a press release about Dubai Coin, calling the site mentioned in it “fake and fraudulent”.

We haven’t made such an announcement, please be cautious. Also this website : https://t.co/lgdUlAwxWJ is fake and scam .please be careful.

لم يصدر من قبلنا اي اعلان ، الرجاء الحذر من اي أخبار مزورة او احتيالية . الموقع التالي هو موقع احتيالي : https://t.co/lgdUlAwxWJ

— ArabianChain (@arabianchain) May 26, 2021

Earlier in May, the Office of the Controller of the Currency, part of the US Treasury, warned about scammers who, on behalf of the agency, attempt to gain access to citizens’ Bitcoin wallets.

Subscribe to ForkLog news on VK!