The Dubai Electronic Security Center announced on late Thursday night that the ‘Dubai Coin’ digital currency has not been approved by any official entity and that the website advancing the coin is an unlicensed site, which means to phish e-mail data, passwords and phone numbers of people through an electronic structure.
Dubai Media Office tweeted from its handle @DXBMediaOffice that ‘Dubai Coin cryptocurrency was never approved by any official position. The website advancing the coin is an elaborate phishing effort that is designed to steal personal data from its guests.’
Officials on Thursday sounded alert on a crypto asset that has been getting out and about, professing to be the official digital currency of the emirate.
DubaiCoin, a purported newly-launched virtual asset, came under a cloud after Arabian Chain Technology, which was reportedly behind the dispatch of DBIX, denied the news.
“We haven’t made such an announcement, please be mindful. Likewise this website, name pay.com/en/is fake and [a] trick. Please be careful,” the Dubai Silicon Oasis-based organization said on its twitter account.
Officials told media an investigation is underway.
On Wednesday, a Press release was issued, expressing that Arabian Chain Technology was behind the dispatch of the asset. A number of nearby and foreign media covered the story, with a number pulling it down after some time.
DubaiCoin was launched at a unique price of $0.17 and was listed on a number of exchanging platforms. Since then, most have apparently removed it, including market-leading CoinMarketCap.
However, as at 11pm on Thursday, crypto.com listed DubaiCoin’s price at $1.13, demonstrating an astounding increase of 1,114 per cent, with a stock of 4.26 million and a market capitalisation of $4.84 million.
At the time of going to press, accessing the DubPay website leads to a ‘Blocked URL’ page.