The organizer of Dubai's flagship cryptocurrency conference has cancelled this year's event due to the conflict involving Iran, dealing another blow to the metropolis's status as a safe haven. Token2049, which bills itself as the "world's largest cryptocurrency gathering," was originally scheduled for late April. In recent years, the event has evolved into a "Woodstock" for cryptocurrency enthusiasts, attracting tens of thousands of participants globally.

The two-day event, set to take place at the Madinat Jumeirah resort, was to feature activities such as desert DJ parties, yacht parties, and fan meetings with some of the wealthiest figures in the crypto industry. Dubai, the host city, is actively working to position the sector as a central component of its plan to become a new financial hub.

This year's lineup of speakers included Eric Trump, Shayne Coplan (founder of Polymarket), Pavel Durov (CEO of Telegram), and Richard Teng (Co-CEO of Binance).

The organizers of Token2049 announced that the event is postponed until April of next year, citing "ongoing uncertainty in the region and its impact on security, international travel, and logistics." In a statement, the organizers expressed, "We remain confident in the city and its continued leadership as a global hub for innovation and digital assets." Token2049 is scheduled to hold another conference in Singapore this October.

As Iranian missiles and drones struck near Dubai, concerned ticket holders began bombarding the event's Telegram group with questions for the organizers. The attacks led to airport closures, damage to the iconic Burj Al Arab hotel, and multiple casualties across the UAE.

An administrator of the Telegram group had insisted on Sunday that Token2049 was "still proceeding as planned, with preparations in full swing." One user responded, "What are you talking about? Iran is still attacking Dubai airport."