Crypto Promoter Allegedly Tricks Iggy Azalea Fans with Fake Meme Coins

Bittime - The crypto world is once again filled with drama. This time, crypto promoter Sahil Arora is suspected of committing fraud by creating meme coins in the name of rapper Iggy Azalea.

Previously, Arora was a promoter for celebrity Caitlyn Jenner's meme coin. However, Jenner accused Arora of "stealing a lot of money" from her.

Sweet Promises and Fake IGGY Presale

Arora initially promoted in his private Telegram group, XO, that Iggy Azalea would be the next celebrity partner for the meme coin to be launched via the Pump.fun platform. He also provided the Solana (SOL) crypto wallet address for people who want to take part in the coin presale.

Also read: UMA Coin Price Prediction (UMA) 2024-2030: Will Explode in the Next 6 Years

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Initially, this presale was only open to 100 wallets, but was later increased to 700 and finally 1,000 wallets. The presale wallet now holds over $380,000 worth of crypto assets. However, presale participants admitted that they had not received the tokens they bought.

Iggy Azalea Launches Her Own Token, Arora Denied

On Tuesday, Arora shared the Pump.fun link in his Telegram group for his IGGY coin. He promised there would be tweets of support from Azalea. However, this tweet actually sparked disappointment because Azalea herself announced the launch of her personal token, MOTHER, and did not collaborate with Arora at all.

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"Are you going to send presale tokens? I sent two Solanas during presale, what happens to them?" asked one Twitter user.

"While everyone is asking about the airdrop, I'm curious where the post from Iggy Azalea herself is?" added another user.

Arora Berkeled and Azalea Idolized

Instead of sending the promised tokens, Arora changed the airdrop requirements on Telegram. He offered automatic placement on the whitelist for future projects for presale participants, a 10% bonus on the profits of the next token launch, and an IGGY airdrop only if the token reached a market cap of $10 million.

The price of the IGGY token also fell drastically. From an initial market cap of $1.35 million, the token plummeted to just $55,000.

Iggy Azalea then spoke on Twitter Spaces to share her experience. According to several sources present, the rapper admitted that Arora had contacted his manager to launch a joint token. However, after learning about Arora's track record, they decided to go ahead on their own.

Thanks to her honesty and apparent understanding of the crypto world, Azalea has received a lot of support from the crypto community on Twitter.

Drama Continues: Insider Trading MOTHER?

While Azalea's reputation was boosted, the launch of its own MOTHER token was also not without drama. Crypto analytics firm Bubblemaps suspects alleged “insider trading” in MOTHER tokens prior to Azalea's announcement. Allegedly, someone bought 20% of the token supply first and then made millions of dollars in profits by selling it.

Also read: Elixir Games Launches $ELIX Token Listing on 3 Main Exchanges, Will it Auto Pump?

Azalea herself, in a Twitter Spaces conversation with on-chain analyst okHOTSHOT, said that her tokens were subjected to “sniping” by automated trading bots at launch. One of the wallets suspected to be involved is the Pump.fun bot which is known to frequently purchase large amounts of new tokens.

Until now, Sahil Arora has not provided an official response regarding the allegations of fraud and controversy surrounding the IGGY coin.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Caitlyn Jenner's Social Media Account Promotes Memecoin: Hack or Strategy?

Ethereum ETF Decision Day: Will Ethereum Prices Skyrocket?

$TURBO Prediction: Hot New Meme Coin, Potential to Continue Rising?

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.