Islamic Coin, a religious cryptocurrency token created on BNBChain, has dropped -100% as its liquidity pool (Islamic/WBNB) on PanCakeSwap drained to empty.
A post from PeckShield shares that an address has swapped 1 quadrillion Islamic Coin for 724.4 BNB, approximately $150k, on PanCakeSwap.
It is worth noting that the liquidity pool Islamic/WBNB was deployed less than 24 hours ago with an initial liquidity of 90 BNB and 900 million Islamic coins. It has since traded rapidly, which sent Islamic’s rate from $0.00002 to $0.0014 before dumping -100%.
However, this token is not associated with the real Islamic Coin project. A spokesperson from Islamic Coin reached out to The Crypto Times and clarified that the token is not legitimate. The original Islamic Coin has the ticker ISLM while this fake token has the ticker ‘Islamic.’
As this newly created token on BNBChain is not affiliated with the actual project, it seemed to be trying to get attention amid the Israel Palestine conflict and make money from the public over the name of the actual project, which recently got listed on Kucoin exchange.