A citizen of the United Arab Emirates has lost all of his savings after investing in a "fake" cryptocurrency Dubai/Waheed Abbas

 Arabian Chain Technology, situated in Dubai Silicon Oasis, has previously said that it had not released the virtual asset and advised users to exercise caution.

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A UAE individual has lost Dh15,000 in the digital currency ‘DubaiCoin,' a supposedly newly-launched virtual asset.

The cryptocurrency was thrown into disarray after Arabian Chain Technology, the company rumored to be behind the launch, denied the claims.

Read More : THE PROGRAM INCLUDES DOGECOIN BECAUSE OF ITS 'HUGE AND NOISY' FANDOM, ACCORDING TO ETORO'S CEO, WHO ALSO MENTIONS SHIBA INU COIN'S SIMILARLY FERVENT FOLLOWING

Aristeo Batol, a native of the United Arab Emirates, said he bought in ‘DubaiCoin' last week through a buddy but lost the money.

Batol told Khaleej Times, "I lost my job and my sole funds."                  

Arabian Chain Technology, situated in Dubai Silicon Oasis, has previously said that it had not released the asset and advised consumers to exercise caution.

It had also tweeted, "Also, this website dub-pay.com/en is false and a fraud. Please be careful."

The Dubai Electronic Security Centre also confirmed late Thursday, May 27, that no official institution has authorized the ‘DubaiCoin' digital money, and that the website touting the coin is unlicensed. The authorities cautioned that it tries to phish people's email addresses, passwords, and phone numbers through an electronic form.

Last week, sources told Khaleej Times that a probe into this new 'virtual currency' is underway.

Arabian Bourse's Chief Executive Officer, Arshad Khan, recommended UAE investors to undertake due research before investing in virtual assets.

                                                                                                                               Source : Khaleej Times

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