Dubaicoin, which rose over 1000%, isn’t the city’s official coin, check reality here

New Delhi: In the crazy cryptocurrency world, we often hear the news of a digital coin rising either sharply without strong fundamentals. In one such case, a newly launched cryptocurrency named Dubaicoin jumped over 1000% on crypto exchanges within 24 hours of its launch. 

Dubaicoin falsely positioned itself as the de facto cryptocurrency of Dubai. However, investors realised the reality after investing in the digital coin with blind trust in the name of Dubai. 

Who is behind Dubaicoin? 

Dubaicoin was launched by Arabianchain Technology on May 24. The cryptocurrency startup falsely claimed that Dubaicoin is the official cryptocurrency of the West Asian city. 

In a press release that was allegedly shared by Arabianchain, the company had claimed that the coin has been named the official digital currency of Dubai. Many reputed media portals reported the news of the cryptocurrency’s surge. The false news spread like wildfire in the crypto industry, leading to a majestic surge in the price of the coin. 

Dubai denies Dubaicoin connection 

On Friday (May 28), Dubai denied all claims saying that the cryptocurrency was the city‘s official cryptocurrency. In its official statement, Dubai said, “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.” 

ArabianChain’s clarification

ArabianChain has walked away with the controversy by denying the company wasn’t behind the fake announcement. “We haven't made such an announcement, please be cautious. Also this website : http://dub-pay.com/en/ is fake and a scam. Please be careful,” ArabianChain clarified in a tweet.