Throughout the week, there have been multiple incidents of rug pull and coins plummeting 100% on the BNB chain. But has Islamic Coin become the latest?
Rug pulls on the decentralized ecosystem are quite frequent incidents. However, there has been increased frequency, particularly on the BNB chain.
One Quadrillion Islamic Coin Dumped
According to the on-chain analysis firm PeckShield, a token masquerading as Islamic Coin dropped by 100% on the BNB chain. The sudden drop happened after a wallet swapped one quadrillion tokens for 724.4 BNB tokens on PancakeSwap.
However, community members reported that the token is a clone, and the real Islamic Coin, ISLM, is not on the BNB chain.
Read more: What Is BscScan? A Guide to Using The Blockchain Explorer
On Oct.10, the project announced its listing on the crypto exchange KuCoin. Data from TradingView shows that Islamic Coin is trading at $0.1869, down by more than 50% since Tuesday’s highs.
Islamic Coin (ISLM) aims to onboard $1.8 billion Muslims to the Web3 ecosystem. It is the native currency of a proof-of-stake blockchain, HAQQ.
Rug Pulls on BNB Chain
However, the representatives for Islamic Coin told BeInCrypto that the token in question is ISLAMIC, an imposter which is in no way connected with ISLM.
While this proves to be a case of confusion over naming, there have been multiple incidents of rug pulls on the BNB chain. For example, blockchain security firm Beosin Alert reported that the deployer of the FSL token conducted a $1.68 million rug pull and sent BNB tokens to the crypto mixer Tornado Cash.
Before that, on Oct. 9, PeckShield warned about a $1.1 million rug pull by the deployer of Lucky Star Currency (LSC).
According to Solidus Labs data, Binance’s BNB chain has the most rug pulls. BeInCrypto reported last year:
“Around 12% of all BEP-20 tokens on the network were tied to scams”
BNB chain declined to comment on this matter.
Read more: What Is a Rug Pull? A Guide to the Web3 Scam
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