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UAE authorities warns people about Dubai coins

The cryptocurrency market continued to slump this morning with Bitcoin, Ethereum and a whole host of major currencies losing value

One brand new entry defied the slump, however, with DubaiCoin rising a staggering 1,000% in just 24 hours.

DubaiCoin’s incredible gains led to the government of Dubai issuing a warning that the currency is not officially linked to the emirate, and may well be an elaborate scam that could cost investors their cash.

The Dubai Media Office announced that the authorities have never approved a digital currency named Dubai Coin, which saw a 1,000% jump when the project launched as “the official digital currency of Dubai” earlier this week. 

“It’s not the official cryptocurrency of the city,” the announcement warns. “The website promoting Dubai Coin is an elaborate phishing campaign that is designed to steal personal information from its visitors.”

The now-defunct website of Dubai Coin claims that it’s a project powered by ArabianChain Technology, a public blockchain developed in the region. ArabianChain was quick to announce, one day prior to the officials, that the Dubai Coin website is not related to the company. They also called the project website a scam.

Source: The US Sun, Cointelegraph