CORRECTION: Story of UAE Blockchain Fund Was Based on Fraudulent Press Release, Agency Says

An individual claiming to be associated with UAE royalty also utilized a fake website.

Oct 11, 2021 at 4:29 p.m. UTC
Updated Oct 20, 2021 at 7:58 p.m. UTC

A CoinDesk story regarding the establishment of a $100 million investment fund focused on supporting blockchain-based projects and development of related technology in the United Arab Emirates was based on a fake press release given to CoinDesk by a legitimate and long-standing crypto public relations agency, a representative of that agency now says.

The agency was contacted by an individual impersonating an official associated with the Private Office of His Highness Sheikh Hamdan bin Ahmed Al Maktoum, according to Michael Terpin of Transform Group.

The individual also utilized a fake website that has now been taken down, Terpin said.

CoinDesk regrets the error.

UPDATE (Oct. 12, 1:38 UTC): Retracts and replaces previous information.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.