Sahil Arora raised $380,000 within the presale of IGGY token claiming it was Iggy Azalea’s official cryptocurrency.
Funds from the presale pockets are being moved, with no tokens airdropped to buyers.
Traders demand refunds and accountability as IGGY token worth drops by 98%.
Movie star crypto promoter Sahil Arora has come underneath fireplace after allegedly taking $380,000 in presale funds for a token falsely claimed to be endorsed by Australian rapper Iggy Azalea. Regardless of promising an airdrop of the “IGGY” token, presale members are nonetheless ready to obtain their tokens.
Latest transactions point out Arora is shifting funds out of the presale pockets, sparking outrage amongst buyers who demand refunds and accountability.
The rise and fall of the IGGY token
In Could, Sahil Arora, a widely known determine within the superstar crypto coin house, launched a presale for a brand new token purportedly related to Iggy Azalea.
Arora had beforehand discovered success with tokens linked to celebrities like Caitlyn Jenner and Wealthy the Child, making his IGGY token presale a beautiful funding for a lot of.
The presale rapidly amassed $380,000 as buyers hoped to capitalize on the anticipated hype.
Nevertheless, the thrill was short-lived. Iggy Azalea publicly denounced Arora and distanced herself from the token, launching her official cryptocurrency, MOTHER, on Pump.enjoyable which noticed substantial success with a $15 million market cap inside half-hour.
In distinction, the IGGY token, which momentarily peaked at just below a $5 million market cap, misplaced its momentum and plummeted in worth.
Iggy Azelea has pulled off a profitable stealth memecoin launch 🤯
About 2.5 hours in the past a token named $iggy launched, briefly spiked to $4-$5M then offered off.
On the identical time a token named $MOTHER launched.
Iggy tweeted it out about half-hour in the past & it has soared to a $15M mc pic.twitter.com/GexTU81rSZ
— TylerD 🧙♂️ (@Tyler_Did_It) Could 29, 2024
Presale members quickly realized that they’d not acquired their promised IGGY tokens.
Regardless of Arora’s claims that each one presale patrons had been “taken care of,” a number of buyers reported that they’d not acquired any tokens or refunds.
Arora’s justification for shifting funds between wallets as “shuffling” solely added to the confusion and frustration amongst buyers.
Token presale funds on the transfer: the place’s the cash going?
Because the IGGY token controversy grew, consideration shifted to the presale pockets’s exercise.
Vital actions of Solana (SOL) started in early June, with transactions sending massive quantities of SOL to numerous wallets and centralized exchanges.
On June 8, roughly 663 SOL (price round $89,800) was transferred to a pockets, which then despatched an identical quantity to Binance, the most important cryptocurrency alternate globally.
Such transfers usually precede the conversion of crypto property to fiat foreign money.
Additional scrutiny revealed that over 2,296 SOL (round $311,000) had been moved from the presale pockets over the previous 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’ frustrations is obvious on social media, with many calling for Arora to face authorized penalties. Some are even demanding his deportation from Dubai, the place he’s at present primarily based.
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 Mom Iggy (MOTHER) token has additionally dropped by 55% over the previous month.
Sahil Arora is linked to a number of different superstar token debacles
Curiously, the IGGY token was not the primary superstar token to be launched by Sahil Arora. It appears he has been exploiting celebrities’ lack of expertise with web3 by launching rip-off tokens backed by celebrities.
Earlier, Arora hacked American rapper “Wealthy the Child’s” X account and launched and promoted a cryptocurrency dubbed “RICH” token.
Afterward, Arora hijacked the account American media character Caitlyn Jenner and launched a Solana-based meme coin dubbed JENNER on Pump.enjoyable.
Different token rug pulls orchestrated by Arora embody Zumi, doll, and $SOULJA.
