Dubai Coin (DBIC) is a scam project

The Dubai Electronic Security Centre announced on late Thursday night that the authorities have never approved a digital currency named DubaiCoin (DBIC).

“DubaiCoin cryptocurrency was never approved by any official authority. The website promoting the coin is an elaborate phishing campaign that is designed to steal personal information from its visitors.” the office said today.

“DubaiCoin was launched to make altcoins and btc more accessible to the Arab World, this include other investors who want to invest in an alternative legit coin with ongoing developments and projects”, the project said on Bitcointalk, added, “One of our main focuses are the online marketplace and payment gateway. DubaiShop will have a variety of goods and services. We already sell mining rigs through our skype account with great success. Rigs is now widely available in the Arab World through our
marketing network and easy to access.”

Source: Bitcointalk

Following the announcement of Dubai Media Office, CoinMarketCap and CoinGecko have removed Dubai Coin from their pages. The price of the coin crashed by more than 90% since the official statement. At the time of going to press, accessing the DubPay website leads to a ‘Blocked URL’ page.

DubaiCoin, a purported newly-launched virtual asset, came under a cloud after ArabianChain Technology, which was reportedly behind the launch of DBIX, denied the news. They also called the project website a scam.

On Wednesday, a press release was issued, stating that ArabianChain Technology was behind the launch of the asset. A number of local and foreign media covered the story, with a number pulling it down after some time.

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