Dubai government reports fraudulent project Dubai Coin – Bits Media

Dubai authorities and local media warn investors about a fraudulent cryptocurrency project called "Dubai Coin", which is allegedly launched as an "official digital currency of Dubai".

Dubai positions himself as a region, creating favorable conditions for development of blockchain and cryptocurrencies, Therefore, it does not lack promising projects. On the other side, The abundance of cryptocurrency startups prevents inexperienced investors to distinguish reliable firms from swindlers.

Recently, the Dubai administration published a warning about the fraudulent cryptocurrency Dubai Coin. Her issuers said, that it is a digital currency, which is officially approved by the city administration, After which the Dubai Coin increased in price on 1 000%. 

Dubai authorities refuted this information, stated, that never approved the digital currency called Dubai Coin. Later it turned out, that attackers used a special site not only to promote cryptocurrency, but also for theft of personal information of users, Doing phishing.

After the statement of the Dubai authorities, Coinmarketcap and Coingeco services deleted Dubai Coin from their platforms. The price of a crypto acting immediately fell on more than 50%, And the project website stopped working. Earlier information was posted there, that the startup is under the control of Arabianchain Technology. However, the day before the official warning, the company hastened to announce, which is not related to Dubai Coin.

According to the US Federal Trade Commission (FTC), The number of cryptocurrency schemes, aimed at deceiving investors, It has grown many times. Often fraudsters act under different names or on behalf of nothing suspecting firms, Therefore, users are recommended to show special attentiveness when choosing a project for investment.