Celeb Crypto Handler Takes $380K for Fake Iggy Azalea Meme Coin

Nonetheless Azalea launched her possess token as a replace of working with Arora, slamming the promoter in a sequence of tweets Tuesday. That didn’t cease Arora from it appears taking in $380,000 worth of funds in a presale for an Iggy Azalea token of his possess—and it still hasn’t been airdropped to those that despatched funds, as of this writing.

By his Telegram community, XO, Arora teased that Iggy Azalea modified into to be his next celeb partner for a meme coin to open through Pump.fun. Swiftly, he dropped an deal with prompting folks to ship Solana (SOL) to enter a presale for the quickly-to-open token.

In the initiating totally initiate to 100 wallets, he quickly expanded that tally to 700 and within the spoil 1,000. Now, the presale pockets holds over $380,000 worth of crypto—however those that bought in advise they haven’t bought their tokens but amid combined signals around Azalea’s possess MOTHER token.

On Tuesday, Arora dropped a Pump.fun hyperlink in his Telegram community for his IGGY token with the promise of an endorsement tweet from the Australian rapper on its design. Then he posted on Twitter, which wasn’t warmly bought—particularly after Azalea herself acknowledged she’d opted to open her possess token as a replace, and wasn’t participating with Arora.

“Are you going to ship the presale tokens out???” one Twitter user asked. “I despatched two Solana within the presale, what’s gonna happen to that?” one other cried out. “While everybody seems to be to be asking about [the] airdrop, I ponder the put apart is the publish from Iggy Azalea herself LMAO?” but one other wondered.

“She’s going to [Twitter] Spaces with me at $10 million [market cap],” Arora claimed on Telegram, while IGGY sat at a $2 million market cap. Nonetheless before his token would possibly well perchance even attain $3 million, Azalea took to Twitter to open her possess token, MOTHER, with out Arora.

“Don’t disappoint your mother,” the rapper posted, followed by the token deal with. “Sahil child, take your L and trudge already.”

In response, the crypto promoter took to Telegram to trudge the goal posts concerning the airdrop deal—which modified into at the initiating promised sooner than the token’s public open. As a alternative, he supplied automatic allowlist placement on future initiatives whenever you happen to paid in, a 10% lower of profits from upcoming token launches, and an airdrop of IGGY after it hits a $10 million market cap as a replace.

Over the next hour, per DEX Screener, the IGGY token dropped from a $1.35 million market cap to a measly $160,000, tumbling even further to $55,000 at the time of writing.

Azalea then took to Twitter Spaces to recount her aspect of the anecdote. In step with just a few sources who agree with been there, the musician claimed that Arora spoke in conjunction with her manager, trying to persuade them to open a token. Nonetheless after researching Arora’s background, they opted to proceed with out him. Arora regarded to agree with caught wind of this, and entrance-ran them with his possess IGGY token.

Off the back of these Twitter Spaces, the Australian rapper grew to alter into the darling of Crypto Twitter, with many well-known personalities claiming that she sounded esteem she basically understood the put apart and wasn’t factual in it for a short money rob.

Arora, for his piece, spoke back to the controversy by teasing one other descend and trying to flex on the haters by showcasing his obvious wealth.

Azalea has up to now attain out ahead within the perception war with Arora, basically based entirely on large Crypto Twitter sentiment, though her possess token open hasn’t been with out drama. Crypto analytics firm Bubblemaps pointed to obvious “insider” trading on MOTHER ahead of her tweet announcement, with traders grabbing 20% of the provide beforehand and making millions in profits by promoting.

The rapper quick pseudonymous on-chain analyst okHOTSHOT on a Twitter Spaces that her token modified into sniped by computerized trading bots the moment it launched. One pockets particularly appears to be a Pump.fun sniper bot that purchases large amounts of freshly launched tokens.

Bubblemaps didn’t seem like satisfied with the explanations, alternatively, ending its Twitter thread by quote-tweeting a chart that highlights the dejected efficiency of many celeb-endorsed tokens from the past.

“Extra celeb tokens will attain,” the firm warned, “however be conscious that nearly all of them cease up worthless and are continually stricken by insider trading.”