After claiming to be the de facto money of Dubai, a newly generated cryptocurrency dubbed Dubaicoin soared over 1,000 percent on cryptocurrency markets.
The coin made by cryptocurrency startup Arabianchain Technology on May 24 falsely claimed that it was the official cryptocurrency of the West Asian city, leading to a sharp rally in its price.
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| Photo : Pexels |
Dubai denied the bitcoin was its official coin earlier today. “No governmental entity has ever authorized the cryptocurrency Dubai Coin. The coin's promotional website is a sophisticated phishing scheme aimed to acquire personal information from users, according to the city.
ArabianChain has walked away from the situation, claiming that the website included in the phony news release is a hoax. “Please be cautious; we haven't made such a declaration. This website, http://dub-pay.com/en/, is also a fraud. Please exercise caution,” the business said in a tweet on May 26.
Source : The Economics Times
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