Rug Pulls on the BNB Chain: Islamic Coin Plummets 100%
Decentralized ecosystem rug pulls are common occurrences, but recently there has been an increase in rug pulls on the BNB chain.
One Quadrillion Islamic Coin Dumped
According to on-chain analysis firm PeckShield, Islamic Coin experienced a 100% drop on the BNB chain. This sudden drop occurred when 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 that the real Islamic Coin is not on the BNB chain.
On October 10, Islamic Coin announced its listing on the crypto exchange KuCoin. Currently, Islamic Coin is trading at $0.1869, which is more than a 50% decrease since its Tuesday highs.
Islamic Coin aims to onboard $1.8 billion Muslims into the Web3 ecosystem and serves as the native currency of the proof-of-stake blockchain, HAQQ.
Rug Pulls on BNB Chain
Although Islamic Coin may not be responsible for a rug pull, there have been multiple incidents of rug pulls on the BNB chain. For instance, 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.
PeckShield also warned about a $1.1 million rug pull by the deployer of Lucky Star Currency (LSC) on October 9. According to Solidus Labs data, Binance’s BNB chain has the highest number of rug pulls. Last year, BeInCrypto reported that around 12% of all BEP-20 tokens on the network were associated with scams.
BNB chain declined to comment on this matter.
Hot Take: The Growing Concern of Rug Pulls in the Crypto Space
The recent incidents of rug pulls and significant drops in value highlight the ongoing issue of scams and fraudulent activities within the crypto space. Investors need to exercise caution when engaging in decentralized finance and ensure they conduct thorough research before investing in any projects. The prevalence of rug pulls emphasizes the importance of due diligence and vigilance to protect oneself from potential losses. As the crypto industry continues to grow, regulatory measures and increased awareness will be crucial in combating such fraudulent activities and promoting a safer investment environment.
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