The world has gone crazy over cryptocurrencies. Often the news of new digital coins hit the news where the crypto coins rise without solid fundamentals. One such case is the newly launched crypto coin named Dubaicoin. The cryptocurrency Dubaicoin jumped more than 1000% on the cryptocurrency exchanges within just 24 hours of its launch.
The cryptocurrency has falsely positioned itself as the de-facto crypto of Dubai. Nevertheless, the investors have realized the reality. They have invested in Dubaicoin blindly and placed faith in the name of Dubai. The price has crashed 50% following the Emirate government’s announcement on the cryptocurrency’s authority.
Who Is Running Dubaicoin?
On the 24th of May, 2021, Dubaicoin was launched by Arabianchain Technology. The startup has claimed falsely that the cryptocurrency is the official crypto coin of the West Asian City.
Arabianchain Technology has allegedly shared a press release. In that press release, the company claimed that the cryptocurrency had been named the “official digital currency of Dubai”. Several reputed media portals had reported the news of Dubaicoin’s sudden source after the launch. The fake news had spread like a burning fire in the cryptocurrency industry. This had led to a majestic steep rise in the price of the coin.
Dubai Denies Connection With Dubaicoin
On the 28th of May, 2021 (Friday). Dubai has straightforwardly nullified all the claims stating Dubaicoin to be the city’s official cryptocurrency. In the official statement, Dubai mentioned:
“Dubaicoin 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.”
What Did The Arabianchain Clarify?
The company has walked away, leaving behind the controversy and denied that the company was not 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.
The company has furthermore stated:
“The website promoting the coin is an elaborate phishing campaign that is designed to steal personal information from its visitors. Dubai does not currently have an official cryptocurrency.”
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