UAE
Dubai Coin relaunch is a scam, authorities say
The relaunch of Dubai Coin, a digital currency that it was claimed could be used to buy goods, is a scam, Dubai’s government said today.
Dubai Coin’s relaunch was fake and both its name and logo had been used fraudulently in a news release and website, according to ArabianChain Technology, the UAE-based blockchain start-up that set up Dubai Coin in 2017.
Its value rose 14-fold from below $0.09 per coin on Tuesday to as high as $1.35 on Wednesday, according to prices on crypto.com.
ArabianChain, which owns the Palmex cryptocurrency exchange, stopped working on Dubai Coin in 2019 to concentrate its resources on Palmex.
