Dubai, which is known as a center hub for crypto and blockchain projects, has just issued a warning to all crypto users.
The Dubai Media Office has tweeted that the so-called cryptocurrency Dubai Coin, whose price has soared by more than 1,000% after the project was launched at the beginning of the week, is not backed or approved by the authorities in any way:
In the warning, the authorities make it clear that the Dubai Coin “is not the official cryptocurrency of the city. The website promoting Dubai Coin is an elaborate phishing campaign that is designed to steal personal information from its visitors.”
After the warning was shared, popular crypto listing services such as CoinMarketCap and CoinGecko have removed the coin from their rankings. In addition, the price of the coin has been affected by the announcement, losing about 50% since it was released.
The project claimed to be associated with the company ArabianChain Technology, however, it has denied having any ties with the Dubai Coin.