- Sahil Arora raised $380,000 within the IGGY token presale, claiming to be the official cryptocurrency of Iggy Azalea.
- Funds from the pre-sale pockets are moved, tokens are usually not allotted to traders.
- Traders are demanding refunds and accountability as the worth of the IGGY token drops by 98%.
Well-known crypto promoter Sahil Arora has come below hearth after allegedly receiving a $380,000 pre-sale switch for a token falsely backed by Australian rapper Iggy Azalea. Regardless of the promise of the “IGGY” token airdrop, presale members are nonetheless ready to obtain their tokens.
Latest transactions present Arora withdrawing funds from the pre-sale pockets, sparking outrage amongst traders demanding refunds and accountability.
The rise and fall of the IGGY token
In Could, Sahil Arora, a distinguished determine in superstar cryptocurrency, launched a presale 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, which made its IGGY presale engaging to many traders.
The pre-sale rapidly raised $380,000 as traders hoped to money in on the anticipated hype.
Nevertheless, the joy was short-lived. Iggy Azalea publicly denounced Arora and distanced herself from the token by launching her official cryptocurrency MOTHER on Pump.enjoyable, which was an enormous success with a market cap of $15 million inside half-hour.
In distinction, the IGGY token, which had momentarily peaked at slightly below $5 million, misplaced its momentum and plummeted in worth.
Iggy Azela has efficiently launched a hidden memecoin 🤯
About 2.5 hours in the past token referred to as $igi launched, briefly jumped to $4-5 million, then bought out.
On the similar time, the token no $MOTHERS launched.
Iggy tweeted this about half-hour in the past and it has soared to $15 million pic.twitter.com/GexTU81rSZ
— TylerD 🧙♂️ (@Tyler_Did_It) May 29, 2024
Presale members quickly realized that that they had not obtained the IGGY tokens they had been promised.
Regardless of Arora’s claims that each one consumers had been “taken care of” earlier than the sale, a number of traders reported that they didn’t obtain any tokens or compensation.
Arora’s justification of transferring funds between wallets as “shuffling” solely added to the confusion and frustration amongst traders.
Pre-Token Sale Funds in Movement: The place Does the Cash Go?
Because the controversy grew, the main target shifted to pre-sale pockets exercise.
Vital Solana (SOL) actions started in early June, with transactions sending massive quantities of SOL to varied wallets and centralized exchanges.
On June 8, roughly 663 SOL (value about $89,800) had been transferred to the pockets, which then despatched an analogous quantity to Binance, the world’s largest cryptocurrency change.
Such transfers normally precede the conversion of crypto-assets into fiat forex.
Additional inspection revealed that over 2,296 SOL (about $311,000) had been moved from the presale pockets previously month.
These transactions included transfers to middleman wallets, centralized exchanges, and the launch of recent tokens on Pump.enjoyable, a platform that facilitates the creation of meme cash. Regardless of these actions, presale members continued to attend for his or her IGGY tokens, resulting in rising suspicions of fraud.
Traders’ frustration is obvious on social media, with many calling for authorized motion in opposition to Arora. Some are even demanding his deportation from Dubai, the place he’s now.
The worth of the IGGY token has since plummeted by almost 98% from its all-time excessive, rendering it nearly nugatory. In the meantime, Azalea’s official token Mom Iggy (MOTHER) has additionally dropped 55% over the previous month.
