- Iggy Azalea’s MOTHER token is facing claims of insider activity following the debut of alleged scammer Sahil Arora’s IGGY cryptocurrency.
- Insiders reportedly bought 20% of MOTHER’s supply before its launch, ultimately dumping $2 million worth of the token.
- “Because this is my concept/coin – I’m somehow supposed to bear responsibility for what random people do with their wallets,” Azalea said in response to the allegations.
Discover the latest controversy surrounding Iggy Azalea’s MOTHER token, facing insider activity claims and its connection to alleged scammer Sahil Arora.
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 bear responsibility for what random people 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.”
Celebrity Memecoin Frenzy
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.
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.
Future of Celebrity Tokens
“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.
Conclusion
The controversy surrounding Iggy Azalea’s MOTHER token and the involvement of alleged scammer Sahil Arora highlights the risks associated with celebrity-endorsed cryptocurrencies. As more celebrities enter the crypto space, investors should remain cautious and conduct thorough research before investing. The future of celebrity tokens remains uncertain, but the potential for insider trading and scams cannot be ignored.
