The Dubai government has warned the public of a fraudulent cryptocurrency called Dubaicoin (DBC), which is being touted as a safe and valuable form of investment. Many people have been duped into investing in this currency, which is akin to a traditional investment scam that is common in the UAE. Dubaicoin’s value grew by more than 1000% before the authorities warned of the scam.
Darkcoin was a bitcoin alternative that was launched in 2014. The cryptocurrency’s value increased tenfold in just a few weeks, but it was an obvious scam, according to a new report by the University of Nottingham.
Dubaicoin is a new Bitcoin Cash-like cryptocurrency that claims to be used by the Saudi Arabian government. Dubaicoin’s value started growing by more than 1000% before the authorities warned of the scam.
Dubaicoin was launched on a fake website a few days ago and its value soared over 1000% before it was officially denied. Dubaicoin was reportedly launched a few days ago and has shown great results. Developed by a company called Arabianchain Technology, it claims to be the first public, decentralized, consensus-based blockchain in the MENA region. The 27th. In May, the Dubai Electronic Security Centre was made aware of the coin, which called itself the official crypto currency of Dubai, and responded with this warning on Twitter:
The real ArabianChain Technology then distanced itself from the coin by pointing out that the link in the press release from dub-pay.com/en was fake: 
According to Khaleej Times newspaper, ArabianChain has launched a thorough investigation to find out how its credentials were used in such a fraudulent manner. Major cryptocurrency tracking platforms have already removed fake currencies from their sites to prevent new investors from attracting impressive growth rates and losing their funds. The fake press release claimed that DubaiCoin could soon be used to pay for a range of goods and services in shops and online, with the apparent intention of using the currency in place of traditional bank currencies. The circulation of the new digital currency will be monitored both by the city itself and by licensed brokers. The sharp rise in the value of the coin broke the trend of other major virtual currencies such as BitCoin and Ethereum, which lost about 10% last week. According to crypto.com, about $600,000 was invested in the DubaiCoins company before authorities intervened : 
Clicking on the link in the press release will take you to a blocked website.DarkoDice, or simply Darko, is a cryptocurrency that has gained more than 1000% on the markets in the past month. However, it’s actually a Ponzi scheme that has led investors into a huge loss.. Read more about btc lawsuit and let us know what you think.
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