- Sahil Arora raised $380,000 in a pre-sale of the IGGY token, claiming it to be the official cryptocurrency of Iggy Azalea.
- Funds are being transferred from the pre-sale pockets, and no tokens are being given to buyers.
- Traders are demanding refunds and accountability as a result of a 98% drop within the worth of IGGY tokens.
Movie star crypto promoter Sahil Arora is accused of taking $380,000 in presale funds for a token falsely claiming to be backed by Australian rapper Iggy Azalea. Regardless of a promised airdrop of the “IGGY” token, presale individuals are nonetheless ready to obtain their tokens.
Current transactions point out that Arora has been withdrawing funds from the pre-sale pockets, sparking outrage amongst buyers who’re demanding refunds and accountability.
The rise and fall of the IGGY token
In Might, Sahil Arora, a well known determine within the movie star crypto coin sphere, launched a pre-sale for a brand new token allegedly linked to Iggy Azalea.
Arora has beforehand had success with tokens tied to celebrities akin to Caitlyn Jenner and Wealthy the Child, making his IGGY token presale a lovely funding for a lot of.
The pre-sale shortly raised $380,000, as buyers hoped to revenue from the anticipated publicity.
Nonetheless, the thrill didn’t final lengthy. Iggy Azalea publicly denounced Aurora and distanced herself from the token, and launched her official cryptocurrency, MOTHER, on Pump.enjoyable, which achieved substantial success with a $15 million market cap inside half-hour.
In distinction, the IGGY token, which had momentarily reached a market capitalization peak of $5 million, misplaced its momentum and dropped drastically in worth.
Iggy Azalea has launched a profitable stealth memecoin 🤯
About 2.5 hours in the past a token named $ iggy Launched, briefly raised to $4-5 million after which bought.
on the similar time a token named $mother was projected.
Iggy tweeted this about half-hour in the past and it is already reached $15M pic.twitter.com/GexTU81rSZ
— TylerD 🧙♂️ (@Tyler_Did_It) May 29, 2024
Pre-sale individuals quickly found that that they had not acquired the promised IGGY tokens.
Regardless of Arora’s declare that every one pre-sale consumers have been “taken care of,” a number of buyers reported that they didn’t obtain any tokens or refunds.
Arora calling the switch of funds between wallets “shuffling” additional added to the confusion and disappointment amongst buyers.
Token pre-sale funds proceed to circulate: the place is the cash going?
Because the IGGY token controversy grew, consideration shifted to the exercise of the pre-sale pockets.
Vital exercise in Solana (SOL) started in early June, with transactions sending massive quantities of SOL to numerous wallets and centralized exchanges.
On June 8, about 663 SOL (price roughly $89,800) was transferred to a pockets, which then despatched the identical quantity to Binance, the most important cryptocurrency change globally.
Such transfers are often preceded by changing crypto property into fiat foreign money.
Additional investigation revealed that over 2,296 SOL (roughly $311,000) had been transferred from the pre-sale pockets up to now month.
These transactions included transfers to middleman wallets, centralized exchanges, and launching new tokens on Pump.enjoyable, a platform that facilitates the creation of meme cash. Regardless of these actions, presale individuals continued to attend for his or her IGGY tokens, elevating suspicions of fraud.
Traders’ disappointment might be clearly seen on social media, with many asking Arora to face authorized penalties. Some are even demanding his deportation from Dubai, the place he’s presently residing.
The worth of the IGGY token has fallen by about 98% from its all-time excessive, making it almost nugatory. In the meantime, Azalea’s official Mother Iggy (MOTHER) Token There has additionally been a decline of 55% in comparison with final month.
Sahil Arora’s title is linked to a number of different movie star token controversies
Apparently, the IGGY token was not the primary movie star token to be launched by Sahil Arora. It appears he takes benefit of celebrities’ lack of expertise with Web3 by launching a celebrity-backed rip-off token.
Beforehand, Arora had hacked the X account of American rapper “Wealthy The Child” and launched and promoted a cryptocurrency referred to as “Wealthy” token.
Later, Arora Abduction American media character Caitlyn Jenner’s account and launched a Solana-based meme coin referred to as Jenner on Pump.enjoyable.
Different token rug pulls held by Arora embrace ZUMI, DOLLAR, and $SOULJA.
