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Dubai Government: Dubai Coin an ‘elaborate phishing scam’

The Dubai government has clarified its stance on the Dubai Coin (DBIX) relaunch and stated that any official authority doesn’t approve it.

The government said this on its Twitter account.

The digital asset was launched by Arabian Chain Technology, claiming itself to be the first public blockchain in the Arabic world.

According to a report by Khaleej Times, the coin was launched at an original price of $0.17 and was initially listed on several trading platforms. However, given the unknown origins, most of the listing websites have removed it.

According to Crypto.com, the DBIX price froze at $1.13 at 3:15 PM. The coin had a circulating supply of 4.26 million and a market capitalization of $4.84 million.

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