Authorities in Dubai have issued a warning after it said a new cryptocurrency launched earlier this week targeting the emirate is a scam.
The launch of DubaiCoin was picked up by many Dubai media outlets which reported that Arabian Chain Technology was behind the asset.
But late on Thursday, the Dubai Electronic Security Centre issued a statement saying: “Dubai Coin 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,” it added.
Dubai Media Office also tweeted the statement after claims that the cryptocurrency was to be the official digital currency of the emirate.
And in a tweet, Arabian Chain Technology said: “We haven’t made such an announcement, please be cautious.”
Dubai Coin 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. pic.twitter.com/Q0HBXfqaDO— Dubai Media Office (@DXBMediaOffice) May 27, 2021
DubaiCoin was launched at an original price of $0.17 and was listed on a number of trading platforms but has since been removed from most.
The Dubai warning comes as scammers are increasingly trying to cash in on the recent buzz around cryptocurrency and luring people into bogus investment opportunities in record numbers.
According to reports, nearly 7,000 people have claimed losses of more than $80 million on scams around the world since October, with an average loss of $1,900.
Many people have reported being lured to websites that look like opportunities for investing in or mining cryptocurrencies but are bogus.
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