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Dubai Government Warns Against DubaiCoin Cryptocurrency Scam
The price of DubaiCoin rose from $0.09 to $1.13 within just 24 hours after a press release claimed it would be Dubai’s official cryptocurrency.
Cryptocurrency investors have been facing some serious challenges lately. Prices of all major cryptocurrencies have been falling steadily ever since Elon Musk drew attention to Bitcoin’s energy consumption in a series of tweets, ultimately announcing Tesla’s decision to stop accepting Bitcoin as a payment method.
Watching their cryptocurrency portfolios deflate at an alarming rate, many investors have been turning their attention to various alternative cryptocurrencies and tokens of questionable value and origin, hoping that at least some of them will skyrocket in value.
This perhaps explains why a cryptocurrency called DubaiCoin increased by more than 1,000% after just 24 hours since its creators published a press released on a website called DubPay (website no longer available) and managed to get it listed on PR Newswire. Another reason for DubaiCoin’s short-lived success was certainly the fact that the press released claimed that it would become Dubai’s official digital currency.
“DubaiCoin will soon be able to be used to pay for a range of goods and services both in-store and online, with the clear intention for the coin to be used in place of traditional bank-backed currencies,” the press release said. “Circulation of the new digital currency will be controlled by both the city itself and authorized brokers.”
Also Read: The Top 3 Altcoins To Keep An Eye On In 2021
The price of DubaiCoin rose from $0.09 to $1.13, and it would likely continue to climb even higher if it wasn’t for Dubai’s government decision to issue a tweet in which they called DubaiCoin an elaborate phishing scam designed to steal personal information from its visitors.
The company responsible for the creation of DubaiCoin, ArabianChain Technology, has also used Twitter to publicly deny all claims made in the press release. Victims of the scam have rushed to social media calling for actions to be taken against online publications that were quick to promote DubaiCoin as Dubai’s “official cryptocurrency” without validating the source of the news.
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1,000 Drones Light The Dubai Sky For AC Milan Celebration
Cyberdrone’s groundbreaking display marked 125 years of AC Milan football club and the 1st-year anniversary of Casa Milan Dubai.
Cyberdrone, a leading UAV display company based in Dubai, put on a breathtaking drone light show on Monday to honor two significant football milestones: AC Milan’s 125th anniversary and the one-year anniversary of Casa Milan Dubai.
The spectacle involved 1,000 drones working in perfect harmony to project AC Milan’s iconic imagery against the city’s night sky. Highlights included the UAVs synchronizing to form the club’s iconic crest, the signature red and black jersey, and a special emblem marking its 125th year. The intricate performance demanded meticulous planning, not just in terms of choreography, but also in dealing with the necessary permits and logistics.
“Our goal was to spotlight AC Milan’s legacy through a stunning visual narrative,” explained Mohamed Munjed Abdulla, Director of Sales at Cyberdrone. “We celebrated the club’s history, its Dubai milestone, and the universal love for football. The show also enhanced AC Milan’s regional presence, growing its fanbase through a cutting-edge, memorable experience. Drone shows are unparalleled in leaving lasting impressions, making them perfect for driving partnerships and growth”.
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Greta Nardeschi, AC Milan’s Regional Director for MENA, echoed the sentiment, adding: “Collaborating with Cyberdrone for this 1,000-drone performance allowed us to connect with our fans in innovative ways. It gave us a unique opportunity to surprise and inspire audiences while elevating our Club’s visibility and that of our partners. Cyberdrone truly helped us take AC Milan to new heights”.
This groundbreaking drone display sets a new benchmark for the Middle East’s sports sector, which already contributes around $2.4 billion annually to Dubai’s GDP alone. Sporting events also generate $1.76 billion in revenues across the region, while the MENA’s entertainment sector, valued at $41.13 billion, is growing at 9.41% annually, driven by rapid technological advancements.
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