dubaicoin: Dubaicoin surges 1,000% on fake claims of being city’s official cryptocurrency


MUMBAI: A newly formed cryptocurrency called Dubaicoin surged over 1,000 per cent on cryptocurrency exchanges after claiming to be the de facto cryptocurrency of Dubai.

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.

Dubai earlier today denied that the cryptocurrency was its official cryptocurrency. “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,” the city said in a statement.

ArabianChain has washed his hands off the controversy suggesting that the website shown on the fake press release is a scam. “We haven’t made such an announcement, please be cautious. Also this website :
http://dub-pay.com/en/ is fake and a scam. Please be careful,” the company tweeted on May 26.



Source link

Latest

The Benefits of Investing in Small Gold Bars

Whether you’re a seasoned investor or new to the world of precious metals investing, gold bars is generally seen as a safe financial hedge against both economic and political turmoil.

Talent Acquisition vs Recruiting: The Same or Different?

The U.S. Bureau of Labor Statistics reported that nearly four million Americans left their jobs mid-year in 2021. This staggering statistic paints a direct...

Super Cyclone Yaas Landfall Live: Tropical Cyclone Yaas in Odisha, West Bengal (WB), Andhra Pradesh Latest Update Live, Weather Forecast Today Live, Cyclonic Storm...

In times of Covid, it would be a challenge for the local officials to maintain pandemic protocols in the storm shelters. (PTI photo)Super...