(MENAFN – Khaleej Times)

The Dubai Electronic Security Centre officially confirmed on Thursday night that the digital currency known as ”Dubai Coin” is not authorised by any administrative body. The site trying to promote the coin is an unlicenced entity aimed at phishing user’s data.

Scammers worldwide are attracted to cryptocurrencies as it is easier for unscrupulous persons to exit with investor’s money due to the immutable and irreversible nature of blockchain-based transactions, which makes it challenging to recover investor’s funds. The cryptocurrency market crossing total capitalisation of $2.2 trillion has further increased the interest among investors for this new class of asset.

As investors are prepared to invest their money into highly speculative assets, the scammer’s appetite for marketing and promoting fraudulent tokens or cryptocurrencies to investors who lack experience and knowledge…

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