DubaiCoin s value shot up after a press release claimed that the coin has been named the official digital currency of Dubai. The surge brought it to the notice of the Dubai Electronic Security Centre
DubaiCoin: Controversial new crypto shoots up 1,000% in 24 hours amid ‘scam’ claims Joe Sommerlad
A cryptocurrency called DubaiCoin has shot up in value by more than 1,000 per cent over the last 24 hours after a press release claimed it had been named as the official digital currency of the emirate – only for Dubai’s government to issue a tweet denying the story and calling the announcement “an elaborate phishing scam”.
The bogus statement was circulated on Wednesday via a website called DubPay and claimed: “DubaiCoin will soon be able to be used to pay for a range of goods and services both in-store and online, with the clear intention for the coin to be used in place of traditional bank-backed currencies.