Why Islamic Coin Dropped 100% on BNB Chain

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, 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, some community members have reported that the token is a clone, and the real Islamic Coin 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 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

While Islamic Coin may not have pulled the rug, there have been multiple incidents of other 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. bitcoinlinux 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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