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| DubaiCoin surges 1,000% and nosedives in one day as emirate’s government claims new crypto is ‘scam’ | DubaiCoin surges 1,000% and nosedives in one day as emirate’s government claims new crypto is ‘scam’ |
| (about 1 month later) | |
| A new cryptocurrency, which came under the self-explanatory name of DubaiCoin saw a wild surge and a dramatic nosedive within 24 hours. The heavy fall came shortly after reports alleged it has nothing to do with the city of Dubai. | A new cryptocurrency, which came under the self-explanatory name of DubaiCoin saw a wild surge and a dramatic nosedive within 24 hours. The heavy fall came shortly after reports alleged it has nothing to do with the city of Dubai. |
| Somewhere in the background of the bleeding crypto market, the digital currency was propelled above 1,000% from $0.17 to $1.13 on Thursday, making a huge gain as market leaders like bitcoin, ether, dogecoin and others had all declined by about 10% overnight. | Somewhere in the background of the bleeding crypto market, the digital currency was propelled above 1,000% from $0.17 to $1.13 on Thursday, making a huge gain as market leaders like bitcoin, ether, dogecoin and others had all declined by about 10% overnight. |
| The astonishing surge was due to a bogus statement alleging that DubaiCoin had been created by ArabianChain Technology, a company based in the United Arab Emirates. The claim was circulated via a website called DubPay, access to which is currently denied. | The astonishing surge was due to a bogus statement alleging that DubaiCoin had been created by ArabianChain Technology, a company based in the United Arab Emirates. The claim was circulated via a website called DubPay, access to which is currently denied. |
| According to the now-defunct website, DubaiCoin was expected to be used “to pay for a range of goods and services both in-store and online," with the coin to replace traditional bank-backed currencies. | According to the now-defunct website, DubaiCoin was expected to be used “to pay for a range of goods and services both in-store and online," with the coin to replace traditional bank-backed currencies. |
| “Circulation of the new digital currency will be controlled by both the city itself and authorized brokers,” the statement claimed. | “Circulation of the new digital currency will be controlled by both the city itself and authorized brokers,” the statement claimed. |
| The growth of the token caused suspicion from the Dubai Electronic Security Centre, which issued a warning to investors, debunking the claim about DubaiCoin’s new status, and saying the website it had originated from was a front. | The growth of the token caused suspicion from the Dubai Electronic Security Centre, which issued a warning to investors, debunking the claim about DubaiCoin’s new status, and saying the website it had originated from was a front. |
| According to the state-backed regulator, DubaiCoin has nothing to do with the city emirate. | According to the state-backed regulator, DubaiCoin has nothing to do with the city emirate. |
| ArabianChain also tweeted a warning, denying that it had made any claims of the kind about the cryptocurrency and confirming that the website promoting it was fake. DubaiCoin was removed from market-tracking platforms immediately after the warnings were voiced. | ArabianChain also tweeted a warning, denying that it had made any claims of the kind about the cryptocurrency and confirming that the website promoting it was fake. DubaiCoin was removed from market-tracking platforms immediately after the warnings were voiced. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |