Website promoting cryptocurrency DubaiCoin an elaborate phishing campaign: Dubai govt

Hours after a new cryptocurrency called DubaiCoin (DBIX) was launched on Wednesday, the Dubai government said the digital currency was not approved by any official entity and that the website promoting the crypto is an elaborate phishing campaign to steal personal information from visitors.

The new digital asset was said to be launched by Arabian Chain Technology, which claims itself to be the first public blockchain in the Arabic world.

Dubai Coin cryptocurrency was never approved by any official authority, the government said in a tweet.

According to a report by Khaleej Times, DubaiCoin was launched at an original price of $0.17 and was initially listed on a number of trading platforms.

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