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UAE resident loses life savings invested in 'fake' cryptocurrency

Waheed Abbas/Dubai
Filed on May 30, 2021
Photo: Wam

Dubai Silicon Oasis-based Arabian Chain Technology had earlier said that it hadn't launched the virtual asset, and asked people to be cautious.


A UAE resident has lost Dh15,000 that he had invested in the digital currency ‘DubaiCoin’, a purportedly newly-launched virtual asset.

The cryptocurrency came under a cloud after Arabian Chain Technology, which was reportedly behind the launch, denied the news.

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>> Dubai Coin cryptocurrency was never approved by any official authority

The UAE resident, who requested anonymity, said he had invested in ‘DubaiCoin’ last week through his friend but lost the amount.

“I lost my job and my only savings,” he told Khaleej Times.

The Dubai Silicon Oasis-based Arabian Chain Technology had earlier said that it hadn't launched the asset, asking people to be cautious.

"Also, this website dub-pay.com/en is fake and a scam. Please be careful,” it had tweeted.

The Dubai Electronic Security Centre also announced late on Thursday, May 27, that the ‘DubaiCoin’ digital currency has not been approved by any official entity and that the website promoting the coin is an unlicenced one. It aims to phish email information, passwords and phone numbers of people through an electronic form, the authority warned.

Sources told Khaleej Times last week that an investigation is underway into this new 'virtual currency'.

Arshad Khan, the Chief Executive Officer of Arabian Bourse, advised investors in the UAE to conduct due diligence before investing money into any virtual assets.

waheedabbas@khaleejtimes.com





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