Dubai Authorities Warn Against Fake Digital Currency Dubai Coin

Dubai authorities issued a warning against a digital currency called Dubai Coin, stating that the token never received approval from any official authority. 

Dubai Does Not Have an Official Digital Currency

In a tweet on Thursday (Amy 27, 2021), the Dubai Media Office said that an unlicensed website was promoting the scam token and using the phishing method to lure unsuspecting victims to give out sensitive personal information such as passwords, phone numbers, and credit card numbers. 

Creators of the Dubai Coin (DBIX) stated that the token was the official currency of the city of Dubai, thereby misleading investors. Also, Arabchain Technology, a public blockchain in the region, was mentioned as the company behind the launch of the token. 

Meanwhile, the DubPay website which is now defunct, promoted Dubai Coin as “a new worldwide cryptocurrency intended to replace USD as the de-facto global currency.”

Dubai coin’s original value after launching was $0.17, with the token listing on major platforms such as CoinMarketCap. The price of the token skyrocketed over 1000% at the time it launched. 

However, following the warning from Dubai authorities, CoinMarketCap and other platforms that listed Dubai Coin, removed the token from their platform. According to the Dubai Media Office

“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 also came out a day before officials issued the warning, to state that it had nothing to do with the scam token. Furthermore, the company called the website a scam and asked people to be careful. 

Meanwhile, Dubai has maintained a positive stance towards blockchain and crypto, creating an environment for the industry to thrive. In January, the Dubai Financial Services Authority (DFSA) announced that it was working towards developing a cryptocurrency regulatory framework. 

Rogue actors continue to take advantage of the growing crypto industry to steal money from investors through scam tokens, bogus crypto investment schemes, and other fraudulent methods.

Some scammers go as far as impersonating celebrities, well-known personalities, and government agencies to deceive unsuspecting investors. It is important that individuals carry out due diligence, to avoid investing in dubious digital currencies.