Iggy Azalea's MOTHER Memecoin Hit With Insider Activity Claims After Alleged Sahil Arora Scam
Iggy Azalea’s MOTHER Memecoin Hit With Insider Exercise Claims After Alleged Sahil Arora Scam
Iggy Azalea’s MOTHER token is facing claims of insider assignment following the debut of alleged scammer Sahil Arora’s IGGY cryptocurrency, DeFi supply auditing company Bubblemaps printed on May maybe possibly 29.
In accordance to Bubblemaps, insiders reportedly sold 20% of MOTHER’s supply sooner than its open on Wednesday, within the ruin dumping $2 million payment of the token.
Iggy Azalea’s MOTHER Token Accused Of Insider Exercise
One pockets labeled as JEEt3D1 allegedly purchased 109T, an estimated 10% of the coin’s supply.
Bubblemaps claims JEEt3d1 has since been split into seven diverse wallets and has equipped 89T of MOTHER.
“Because right here’s my conception/coin – I’m by some potential presupposed to bare responsibility for what random ppl attain with their wallets,” Azalea talked about in reply to Bubblemaps’ X put up. “When in actuality them dumping fully makes it harder for me to connect out my honest of having a coin that’s de facto section of pop custom.”
The open of Azalea’s cryptocurrency comes amid a celebrity memecoin frenzy, with rapper Correctly off The Kid and actuality TV necessary person Caitlyn Jenner debuting their like namesake tokens this week.
Many had been hit with controversy due to Arora’s involvement, given the allegations of crypto fraud schemes in opposition to him.
“This man fairly great made a pump-and-dump and dumped the whole cash into his yarn and blocked me,” Correctly off The Kid talked about of Arora in a video posted to X Monday.
In the meantime, because right here’s my conception/coin – I’m by some potential presupposed to bare responsibility for what random ppl attain with their wallets. When in actuality them dumping fully makes it harder for me to connect out my honest of is having a coin that’s de facto section of pop custom. https://t.co/4GCYkVsHGX
— IGGY AZALEA (@IGGYAZALEA) May maybe possibly 29, 2024
In posts to X on Wednesday, Azalea claimed she had by no methodology spoken to Arora no topic his open of the IGGY token on Tuesday.
MOTHER is currently vastly outperforming IGGY, with a market capitalization of $19.2 million in comparison with Arora’s $95,000 at the time of publication.
“Sahil toddler rob your L and dash already,” the Australian rapper posted on Tuesday.
Sahil Arora At The Heart Of Memecoin Scam Allegations
Several celebrities, along side Lindsay Lohan, Jake Paul, and Floyd Mayweather, had been penalized by the U.S. Securities and Alternate Commission for illegally promoting cryptocurrencies.
Jenner, who claims she turned into as soon as “scammed” by Arora, talked about she believed he wouldn’t be “launching many celebs coins again.”
“That doesn’t mean I obtained’t be investing and persevering with to promote $Jenner – but Sahil appears to be like to be fully out, for the time being,” Jenner continued.
“More star tokens will advance, but do no longer forget that virtually all of them close up nugatory and have a tendency to be tormented by insider trading,” Bubblemaps concluded.
Jenner continues to promote her token of the the same title, while Correctly off The KID launched a brand original cryptocurrency sans Arora. He has since denied all scam allegations.
Source : cryptonews.com
