PancakeSwap

Bitcoin ETF

Bitcoin

Crypto investors have fallen victim to a scam token, which shares the same ticker as BlackRock’s legit ETF.
BNB Chain-based iShares Bitcoin (IBTC) token has scammed investors for nearly $90,000 worth of crypto as the crypto community is abuzz with spot bitcoin exchange-traded fund (ETF) excitement.
According to <a href="https://twitter.com/PeckShieldAlert/status/1717451477092905449" target="_blank" rel="noopener noreferrer nofollow">an X post from</a> a blockchain analytics firm PeckShield, a bad actor has swapped one quadrillion IBTC tokens for 394.8 Binance Coin (<a href="https://crypto.news/tag/bnb/" data-type="link" data-id="https://crypto.news/tag/bnb/" rel="noopener noreferrer nofollow">BNB</a>) worth of $89,000 through PancakeSwap, with IBTC’s price immediately dropping by 100% from $0.0025.
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 <a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#PeckShieldAlert</a> <a href="https://twitter.com/hashtag/slippage?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#slippage</a> iShares Bitcoin <a href="https://twitter.com/search?q=%24IBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$IBTC</a> on <a href="https://twitter.com/hashtag/BNBChain?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BNBChain</a> has dropped -100% 0xf495…5B37 has swapped 1,000,000,000,000,000 <a href="https://twitter.com/search?q=%24IBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$IBTC</a> for ~394.8 <a href="https://twitter.com/search?q=%24BNB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BNB</a> (worth ~$88K) *Note*: The <a href="https://twitter.com/hashtag/rugpull?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#rugpull</a> token shares the same name as the legitimate ones <a href="https://t.co/rT3XLoqHqF" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/rT3XLoqHqF</a>— PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1717451477092905449?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 26, 2023</a>
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Once the scammer swapped IBTC for BNB. They sent the whole sum to 0x3f…04ed, an address that received over $700,000 worth of BNB tokens from PancakeSwap over the past few days, and contacted Binance’s withdrawal address.
According to on-chain data seen by crypto.news, the address associated with the scammer (0xf49…c5b37) also contacted Binance on Oct. 24, receiving from the exchange’s hot wallet 0.0555 BNB.
You might also like: <a href="https://crypto.news/bitcoin-price-rise-in-october-2023-factors-and-forecasts/" rel="noopener noreferrer nofollow"> Bitcoin price surges as ETF anticipation grows: analysis and forecasts </a>
Crypto investors might have mistaken the scam token for BlackRock’s proposed iShares Bitcoin ETF, which shares the same IBTC ticker. As traders and Bitcoin proponents bet on an imminent regulatory nod from the U.S. Securities and Exchange Commission (SEC), lawyers&nbsp;<a href="https://crypto.news/lawyer-suggests-bitcoin-etf-approval-expected-by-end-of-the-year/" rel="noopener noreferrer nofollow">surmised</a>&nbsp;that approvals for spot Bitcoin ETFs could arrive before the end of 2023.
As crypto.news earlier reported, the U.S. Court of Appeals for the D.C. Circuit also formalized its ruling in the Grayscale case, mounting additional pressure on Gary Gensler’s SEC to review Grayscale Bitcoin Trust’s conversion to a Bitcoin ETF in a move that could part the floodgates of approvals or usher further delays for issuers.
Read more: <a href="https://crypto.news/blackrock-etf-could-push-btc-valuation-11x-scaramucci-says/" rel="noopener noreferrer nofollow"> BlackRock ETF could push BTC valuation 11x, Scaramucci says </a>

Scammers exploit Bitcoin ETF hype with fake IBTC token

crypto.news

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