- Sahil Arora has raised $380,000 within the IGGY token presale, claiming to be the official cryptocurrency of Iggy Azalea.
- Funds from the presale pockets are moved with out dropping any tokens to buyers.
- Traders are demanding refunds and accountability as the worth of the IGGY token drops by 98%.
Celeb cryptocurrency promoter Sahil Arora has come below fireplace after he allegedly took $380,000 in pre-sale funds for a token falsely claimed to be backed by Australian rapper Iggy Azalea. Regardless of the promise of an “IGGY” token drop, presale individuals are nonetheless ready to obtain their tokens.
Latest transactions counsel Arora is transferring funds out of the pre-sale pockets, sparking outrage amongst buyers demanding refunds and accountability.
The Rise and Fall of the IGGY Token
In Might, Sahil Arora, a widely known celeb cryptocurrency determine, launched a pre-sale for a brand new token allegedly linked to Iggy Azalea.
Arora has beforehand seen success with tokens related to celebrities akin to Caitlyn Jenner and Wealthy the Child, making his IGGY token presale a gorgeous funding for a lot of.
The pre-sale shortly raised $380,000 as buyers hoped to money in on the anticipated hype.
Nevertheless, the keenness didn’t final lengthy. Iggy Azalea publicly condemned Arora and distanced herself from the token and launched her official MOTHER cryptocurrency on Pump.enjoyable, which noticed appreciable success with a market cap of $15 million in half-hour.
In distinction, the IGGY token, which briefly peaked slightly below the $5 million market cap, misplaced its momentum and plummeted in worth.
Iggy Azelea launched a profitable stealth memecoin launch 🤯
It was known as token about 2.5 hours in the past $iggy launched, briefly rose to $4-5 million after which offered.
On the similar time, the named token $MOTHER launched.
Iggy tweeted this about half-hour in the past and it has climbed to $15 million mc pic.twitter.com/GexTU81rSZ
— TylerD 🧙♂️ (@Tyler_Did_It) Might 29, 2024
Presale individuals quickly realized that that they had not obtained the promised IGGY tokens.
Regardless of Arora's declare that every one presale consumers have been “taken care of,” a number of buyers have reported that they haven’t obtained any tokens or refunds.
Arora's justification of transferring funds between wallets as “shuffling” solely added to the confusion and frustration amongst buyers.
Token pre-sale funds on the go: the place does the cash go?
Because the controversy grew, consideration shifted to the exercise of the pre-sale pockets.
Vital actions of Solana (SOL) started in early June, when transactions despatched giant quantities of SOL to varied wallets and centralized exchanges.
On June 8, roughly 663 SOL (price round $89,800) have been transferred to the pockets, which then despatched the same quantity to Binance, the world's largest cryptocurrency change.
Such transfers often precede the conversion of crypto-assets into fiat forex.
Additional investigation revealed that over 2,296 SOL (round $311,000 USD) had been moved from the pre-sale pockets up to now month.
These transactions included transfers to middleman wallets, a centralized change, and the launch of latest 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, resulting in rising suspicions of fraud.
Investor frustration is obvious on social media, with many calling for Arora to face authorized penalties. Some are even calling for his deportation from Dubai, the place he at the moment resides.
The worth of the IGGY token has since fallen by practically 98% from its all-time excessive, making it nearly nugatory. In the meantime, Azalea's official token Mom Iggy (MOTHER) has additionally dropped 55% over the previous month.
