A new cryptocurrency named Dubai coin who claimed to be the official digital currency of Dubai rose over 1000% within 24Hrs.

DubaiCoin was created by the company named ArabianChain Technology, based in the United Arab Emirates.

This crazy climb was fueled by the false claim that it is the official digital currency of the UAE. The claim was circulated on a website called DubPay.

“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,” 

This was the statement that appeared on the DubPay website on Wednesday that triggered the rise in the value of the coin.

On Thursday when coins like Bitcoin and Ethereum were falling, Dubai Coin riding on this false claim rose up 1000% from $0.17 to $1.13. That's when the Dubai authorities released a warning, stating that the Dubai coin had nothing to do with Dubai city. And said it was a scam attempt.

The access to DubPay website is now denied by the authorities and stated the website is a scam.

Meanwhile, the creators of Dubai Coin, Arabian Chain also tweeted a warning, stating their innocence.

It is still unclear whether Arabian chain had any hand in this scam.