Dubai goverment media office has published a warning stating that DubaiCoin relaunch was a scam with no official backing. Dubai Media Office added that DubaiCoin was never approved by any official authority.
The whole scam started when PR Newswire picked upa press release with the logo and contact details of ArabianChain, which has now been removed, that claimed that DubaiCoin was being launched as the coin for Dubai city to purchase goods online. DubaiCoin is a creation of ArabianChain back in 2017 but has not been active for sometime. In February of 2021, DubaiCoin on Instragram had stated that the DubaiCoin would be revived under DBIX. The Instragram page is no longer active as well.
After the scam press release, DubaiCoin was purchased and its price rose from 0.09 cents to 1.13 USD. According to Crypto.com there are more than 4.26 million Dubai Coins in circulation. ArabianChain also stated that the relaunch was fake and that its name and logo has been fraudently used in the press release. “We haven’t made such an announcement, please be cautious,” the company said on Twitter. It also described a website offering the coins for sale as a “scam”.
The website, which featured ArabianChain’s logo, was purportedly being run by a company calling itself Dubpay International, but contained no contact details and is no longer operational.