DubaiCoin: A scam to avoid!

By: Bharggavi Ssayee

June 4, 2021 6:34 AM

If you know Dubai for its tourist attractions and oil fields, the city or let's say better, the city name is associated with a token that has been making social media headlines lately (DubaiCoin).

After rising 1000% in 24, cryptocurrency has won over more than one in the market, but it will have fallen dramatically on the stock market soon after. In reality, DubaiCoin is an outright scam.

If you are looking for promising cryptos, refer to this article (promising cryptos) or invest in well-established cryptos like Bitcoin or Ethereum.

Dubai coin: the digital currency of Dubai (False)

The story behind DubaiCoin began after a statement from the DubPay site:

DubaiCoin will soon be able to be used to pay for a range of goods and services in-store and online, with the clear intention that the coin will be used in place of traditional bank-backed currencies.

DubaiCoin different from other cryptos, Dub Pay pointed out that:

The circulation of the new digital currency will be controlled both by the city itself and by authorized brokers.

According to Crypto.com, this announcement caused the price of DubaiCoin to increase by more than 1000% in one day from $ 0.09 to $ 1.13.

An initiative frowned upon by the Dubai authorities

The currency that was supposed to be that of one of the most visited cities in the world is unfortunately a scam. The city authorities were quick to alert the public to the cryptocurrency. The Dubai government media office tweeted on their official website:

Dubai Coin cryptocurrency has never been endorsed by any official authority.

The website promoting the coin is an elaborate phishing campaign aimed at stealing the personal information of its visitors.

Additionally, the site believed to be the base of DubaiCoin has denied reports of the cryptocurrency's launch. Arabian Chain, a company specializing in the creation and execution of smart contracts, said on its Twitter account:

We didn’t make such an announcement, be careful. Also this website: http://dub-pay.com/en/ is bogus site and scam, please be careful.

After these statements, the cryptocurrency took a serious boost and fell back to the lowest level of $ 0.04.