The value of Dubaicoin (DBIX), a newly launched cryptocurrency primarily based on the public blockchain, reportedly shot up by 1,000 per cent inside 24 hours after falsely claiming to be the official cryptocurrency for the metropolis of Dubai. ArabianChain Technology, the firm behind Dubaicoin, claims to be the first public blockchain in the area, permitting customers to mine the forex, and keep the blockchain ledgers.
Dubaicoin was listed on a quantity of buying and selling platforms, together with CoinMarketCap, with an preliminary value of $0.17. However, the value of Dubaicoin rose to $1.13 on Thursday after a press launch mentioned that the cryptocurrency will quickly be used to pay for a spread of items and providers, inserting it as a substitute for conventional bank-backed currencies.
“Circulation of the new digital forex will probably be managed by each the metropolis itself and licensed brokers,” the launch added.
As the claims appeared to persuade many, the authorities of Dubai dismissed it as an elaborate phishing marketing campaign designed to steal private data. Taking to (*24*), the media workplace of the Dubai authorities mentioned that Dubaicoin cryptocurrency was by no means authorized by any official authority.
“The web site selling the coin is an elaborate phishing marketing campaign that’s designed to steal private data from its guests,” it added.
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According to a Khaleej Times report, the Dubai Electronic Security Centre introduced late Thursday night time that the web site selling the Dubaicoin is an unlicensed website that goals to steal e mail, passwords and telephone numbers by way of an digital kind.
Following the Dubai authorities’s clarification, the ArabianChain Technology tweeted, “We haven’t made such an announcement, please be cautious. Also this web site, dub-pay.com/en/ is faux and [a] rip-off. Please watch out.” The DubPay web site isn’t accessible anymore and the officers are investigating the matter, per Khaleej Times.
Dubaicoin has now disappeared from the CoinMarketCap listings and is unavailable for buying and selling on any main crypto exchanges.
ArabianChain Technology, on its web site, says that it’s an open-source, community-based venture with the purpose of constructing a decentralised, consensus-driven, peer to see, open-source, blockchain-based platform for distributed functions, together with however not restricted to cryptocurrencies. “Rather than giving customers a set of predefined directions (like bitcoin), ArabianChain permits customers to create with ease their very own directions of any complexity they want,” the web site reads.
