Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

Iggy Azalea’s MOTHER Memecoin Hit With Insider Activity Claims After Alleged Sahil Arora Scam

Cryptonews2024/05/29 19:04
By:Julia Smith

Iggy Azalea’s MOTHER token is facing claims of insider activity following the debut of alleged scammer Sahil Arora’s IGGY cryptocurrency, DeFi supply auditing company Bubblemaps revealed on May 29.

According to Bubblemaps , insiders reportedly bought 20% of MOTHER’s supply before its launch on Wednesday, ultimately dumping $2 million worth of the token.

Iggy Azalea’s MOTHER Token Accused Of Insider Activity


One wallet labeled as JEEt3D1 allegedly purchased 109T, an estimated 10% of the coin’s supply.

Bubblemaps claims JEEt3d1 has since been split into seven different wallets and has sold 89T of MOTHER.

“Because this is my concept/coin – I’m somehow supposed to bare responsibility for what random ppl do with their wallets,” Azalea said in reply to Bubblemaps’ X post. “When in reality them dumping only makes it harder for me to achieve my goal of having a coin that is actually part of pop culture.”

The launch of Azalea’s cryptocurrency comes amid a celebrity memecoin frenzy, with rapper Rich The Kid and reality TV star Caitlyn Jenner debuting their own namesake tokens this week.

Many have been hit with controversy due to Arora’s involvement, given the allegations of crypto fraud schemes against him.

“This guy pretty much made a pump-and-dump and dumped all the money into his account and blocked me,” Rich The Kid said of Arora in a video posted to X Monday.

In posts to X on Wednesday, Azalea claimed she had never spoken to Arora despite his launch of the IGGY token on Tuesday.

MOTHER is currently greatly outperforming IGGY, with a market capitalization of $19.2 million compared to Arora’s $95,000 at the time of publication.

“Sahil baby take your L and go already,” the Australian rapper posted on Tuesday.

Sahil Arora At The Center Of Memecoin Scam Allegations


Several celebrities, including Lindsay Lohan, Jake Paul, and Floyd Mayweather, have been penalized by the U.S. Securities and Exchange Commission for illegally promoting cryptocurrencies.

Jenner, who claims she was “scammed” by Arora, said she believed he wouldn’t be “launching many celebs coins again.”

“That doesn’t mean I won’t be investing and continuing to promote $Jenner – but Sahil appears to be fully out, at the moment,” Jenner continued.

“More celebrity tokens will come, but remember that most of them end up worthless and are often plagued by insider trading,” Bubblemaps concluded.

Jenner continues to promote her token of the same name, while Rich The KID launched a new cryptocurrency sans Arora. He has since denied all scam allegations.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
APR up to 10%. Always on, always earning.
Stake now!

You may also like

Bitwise CIO says ‘the most powerful people in finance’ are allocating to crypto

An increasing number of top financial advisors are allocating toward crypto assets in their personal portfolios, according to Bitwise CIO Matt Hougan.When allocations spread from advisors to their clients, “things could get interesting quickly,” Hougan said.

The Block2024/09/24 10:39

Cathie Wood's Ark Invest offloads another $2.8 million worth of its own spot Bitcoin ETF

Ark Invest offloaded 44,609 ARKB spot Bitcoin ETF shares on Monday, worth $2.8 million, as the investment firm rebalanced its fund weightings.The Cathie Wood-led firm has sold a total of $17.5 million in ARKB shares from its ARKW fund but still holds $139.7 million of the spot Bitcoin ETF.

The Block2024/09/24 09:22