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A newly formed cryptocurrency called Dubaicoin surged over 1,000 per cent on cryptocurrency exchanges after claiming to be the de facto cryptocurrency of Dubai.The coin made by cryptocurrency startup Arabianchain Technology on May 24 falsely claimed that it was the official cryptocurrency of the West Asian city, leading to a sharp rally in its price.
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Dubai earlier today denied that the cryptocurrency was its official cryptocurrency. “Dubai Coin cryptocurrency was never approved by any official authority. The website promoting the coin is an elaborate phishing campaign that is designed to steal personal information from its visitors,” the city said in a statement.