Did Islamic Coin Conduct a Rug Pull?

Qatar Isn’t Doing Enough to Tackle Crypto Money Laundering, Says Watchdog

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

Islamic Coin drops to zero. Source: X (Twitter)

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.

Islamic Coin price
ISLM/USDT, KuCoin. Source: TradingView

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.

rug pull, BNB chain
FSL rug pull. Source: X (Twitter)

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

Do you have anything to say about BNB chain rug pulls or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.


In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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