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- High profile new digital currency , DubaiCoin (DBIX) turns out to be fake
- Dubai officials dubs the website promoting the digital coin as an phishing campaign
- Arab Chain Technology denies any association with the fake press release
The DubaiCoin story, which was all over the press, turned out to be a scam. The Dubai Government in a statement said that DBIX was never given an official status. The Dubai Media office – the official arm of Dubai government – in a tweet clarified that the cryptocurrency was never approved by any official authority. The website promoting the coin is an elaborate phishing campaign that is designed to steal personal information from its visitors.
Launched by United Arab Emirates (UAE) based company Arabianchain Technology, DubaiCoin was dubbed to be the first public blockchain based cryptocurrency in the Arabic world. The company said in a statement that DubaiCoin will be expanded for wide range of products and services and it could replace the traditional bank-backed currencies. “Circulation of the new digital currency will be controlled by both the city itself and authorized brokers,” the company said.
The website promoting the coin is elaborate phishing campaign designed to steal personal information from its visitors.
The genesis of scam
The story started with a fake press release on May 24, published in the name of Arabianchain Technology, on PR Newswire. ArabianChain Technology, consensus driven blockchain was a legitimate blockchain firm based in Dubai. The fake press release claimed that Dubai was making its official cryptocurrency or traditional bank-backed currencies. To give more credence, the fake press release, which has since been unpublished, claimed that Dubaicoin circulation would be controlled by both the city itself and authorized brokers.
The news came out online while the global AIBC UAE summit was being held in Dubai. Soon number of people started posting and sharing it online with news being picked up by social media and by various websites, big-name media outlets included.
It did not stop there, and the fake press release claimed that Dubai coin cryptocurrency would become the official digital currency. It is akin to official digital currency or traditional bank-backed currencies in many countries like China, India and the US. The upcoming digital coin is available for sale at a starting price of$0.17 per coin via a website called dub-pay.
The website promoting the coin has now become inaccessible, but a record on Internet Archive revealed that the website had detailed how investors can buy DubaiCoin. After furnishing details such as name, email address, and phone number on a form, an agent will contact the investor and help change their local money to DubaiCoin (DBIX).
ArabianChain Technology very own Dubaicoin cryptocurrency price surged
The news spread, and led to ArabianChain Technology own Dubaicoin price listed on the HitBTC crypto exchange surged by 1000% and reached $1.50 in 24 hours. However, after news came of the scam, Dubaicoin cryptocurrency’s surge tanked and stood at $0.32, according to Dubai Electronic Security Centre. ArabianChain Technology has clarified via a tweet that it had nothing to do with the fake PR, and the website dub-pay “is fake and [a] scam.”
DubaiCoin still shows a positive movement
A chart on Crypto.com shows that DubaiCoin seems to be still on surge. It is still not clear how many investors were duped into buying the fake de-facto cryptocurrency from cryptocurrency exchanges or authorised brokers. However the trading volume of the real Dubaicoin was around $592,000 in the last 24 hours, according to data from Dubai Electronic Security Centre which monitors all the crypto currency activities in Dubai.
Dubai coin has boosted from $0.0845 to $1.2 before facing a short correction leading the price back to $1.13. The coin price still trades under a bullish sentiment as the uptrend continues with no significant falling action in the scene. The RSI indicator is still spiked and remains in the overbought zone. The percentage growth of the coin is still above 1000% with a market cap of $4.84M. The trading activity in the coin as per the intraday volume of $591,863.24 is pretty impressive.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
