New Delhi: In the loopy cryptocurrency world, we frequently hear the information of a digital coin rising both sharply with out sturdy fundamentals. In one such case, a newly launched cryptocurrency named Dubaicoin jumped over 1000% on crypto exchanges inside 24 hours of its launch.
Dubaicoin falsely positioned itself as the de facto cryptocurrency of Dubai. However, buyers realised the reality after investing in the digital coin with blind belief in the title 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 metropolis.
In a press launch that was allegedly shared by Arabianchain, the firm had claimed that the coin has been named the official digital foreign money of Dubai. Many reputed media portals reported the information of the cryptocurrency’s surge. The false information unfold like wildfire in the crypto business, resulting in an imposing surge in the worth of the coin.
Dubai denies Dubaicoin connection
On Friday (May 28), Dubai denied all claims saying that the cryptocurrency was the metropolis‘s official cryptocurrency. In its official assertion, Dubai stated, “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 firm wasn’t behind the faux 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.
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