A cryptocurrency called DubaiCoin (DBIX) jumped 1000 percent in 1 day. But Dubai authority has cautioned investors against this digital coin and said it was a phishing scam.
The company behind the Dubaicoin, called Arabchain Technology, claims to be the first public blockchain in the Arab world. In a press release, it said Dubaicoin would soon be use for purchasing goods and services, which suggested that it was meant to be an alternative to the Dubai currency Dirham. The company added that its value will be regulated by the city of Dubai, claims that seemed to convince many.
After this press, release DubaiCoin’s value shot up as the coin has been elected the official digital currency of Dubai. Various media sites published on the cryptocurrency’s surge.
But, in a report on Friday, the Dubai Media Office declared that DubaiCoin was never approved by any Dubai official authority. “The website promoting the coin is an elaborate phishing campaign that is designed to steal personal information from its visitors,” the government informed on Twitter.
The price of crypto increased by 1,000 percent over the last 24 hours. According to Crypto.com, DubaiCoin was trading at around $0.17 but picked up to $1.13 on May 27.
The surge brought it to the eye of the Dubai Electronic Security Centre, following which it issued a declaration.