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UAE Citizen Scammed After Investing in Fraudulent Digital Currency

A UAE citizen has lost 15K AED after investing in a newly released digital currency known as DubaiCoin. The cryptocurrency, which was claiming to be produced by a blockchain developed in ArabianChain, came under fire after ArabianChain Technology denied the false news. The cryptocurrency had also caused the value of Bitcoin to plummet below 40K USD on Friday, other cryptocurrencies also taking the hit as a result. Following these events, data providers such as CoinMarketCap also deleted the digital currency from their listings.

UAE citizen by the name of Aristeo Batol claimed that he had, through a friend of his, invested in DubaiCoin the previous week but completely lost the amount he invested. He talked with the Khaleej Times, a Dubai-based newspaper, informing them that he lost his job as well as his only savings in the process.

ArabianChain Technology, the Dubai-based company had previously denied launching the asset, warning people to be wary of it. The company also warned people via Twitter of “dub-pay.com/en” being a fake as well as a scam and advised them to be careful of it.

The Dubai Electronic Security Centre (or DESC) also reported on Thursday, May 27, that the newly established DubaiCoin virtual currency had not been authorized by any legitimate administrative entity, as well as the fact that the website endorsing the digital coin lacked a legitimate license. The DESC also stated that the website was geared toward phishing passwords, phone numbers, and private email information of unsuspecting people via a virtual form.

Khaleej Times was informed via sources the previous week that an investigation is in progress into the recently launched virtual currency that has been causing all this disturbance. Arshad Khan, Arabian Bourse CEO, notified investors residing in the UAE to be careful and wary before making any rash decisions about investing their funds into any digital currencies.

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