PeckShield, a blockchain security company, alerted the crypto community about a significant dip in Islamic Coin’s value on the BNB chain. According to a tweet by PeckShield‘s alert handle, the coin plummeted by a staggering 100%, with a transaction swapping 1,000,000,000,000,000 Islamic Coin tokens for 724.4 BNB, equivalent to $150,551.71. The warning came at 6:00 pm and has since garnered notable attention with over 2,500 views.
Scam Allegations Surrounding Islamic Coin
The alert on Islamic Coin’s value drop was not the first sign of trouble. A Twitter user, with the handle @Emperor5500, had raised concerns about Islamic Coin being a scam back on September 26. The user pointed out fake team members and a mere copy-paste of Cosmos source code as red flags, branding the project as fraudulent. The claims made were stark, hinting at a possible lack of originality and transparency from the Islamic Coin developers.
Islamic Coin’s Recent Announcements
On the same day as the price drop, Islamic Coin made a series of announcements regarding community rewards. The announcements, starting at 12:06 am, reflected on the journey since the coin’s launch in 2022 and expressed gratitude towards the community’s support. Islamic Coin introduced a range of on-chain activities, enhanced rewards, and multiple ways to explore the HAQQ ecosystem as part of the Islamic Coin Community Rewards. However, notably, residents of Dubai were explicitly mentioned as ineligible for these rewards.
KuCoin Listing
Later the same day, Islamic Coin announced its listing on KuCoin, a popular cryptocurrency exchange, opening doors for deposits and trades of Islamic Coin on the platform. The announcement also included a guide on how to trade Islamic Coin on KuCoin, indicating a step towards expanding its user base and providing accessibility to traders.
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Source: https://blockchain.news/news/islamic-coin-plunges-100%25peckshield-alerts