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The cryptocurrency scene witnessed a recent hype around a newly created cryptocurrency. This project claimed to be an initiative by one of the biggest cities in the world. We are talking about Dubai Coin, which recently launched. Currently, despite the downtrend in the crypto market, Dubai Coin managed to gain more than 1,000% within 24 hours. That’s how this project managed to gain huge attention, not only in the crypto sphere but in the mainstream news as well. Who is behind this project and is the Dubai Coin scam story true?

Dubai Coin Scam

What is Dubai Coin Crypto?

Dubai Coin is a cryptocurrency that recently launched. The people behind the project claim that the actual city of Dubai endorses this coin, and the project aims to replace the use of cash throughout the city. Of course, those are pretty “big claims” from the people behind this project, as only government officials can back up such affirmations.

The coin is not listed on any major exchange and was got removed from the CoinMarketCap listing. No one knows yet why that is, but many speculations have risen, which we will tackle in this article.

The only known entity behind Dubai Coin is basically a UAE-based company called ArabianChain Technology. It claims that they offer the first decentralized coin in the MENA region, along with the help of DubPay, another major investor. The website which started Dubai Coin also appears to be down.

ArabianChain Technology quickly washed its hands from the project, calling any article which claimed they were involved a scam and fake news.

Are the Allegations of the Dubai Coin Scam True?

Dubai Coin was listed at a price of USD 0.15 and was considered an attractive investment. Buying into the future payment ecosystem of one of the best cities in the world sounds like a great plan. After inception, prices skyrocketed to USD 1.13, news of this prominent launch got to the official governmental entity of Dubai. They immediately issued statements calling the entire project a scam.