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

Celeb Crypto Handler Takes 0K for Pretend Iggy Azalea Meme Coin

After serving to Caitlyn Jenner launch a meme coin and allegedly stealing “a lot of cash” from her, as Jenner claimed, crypto promoter Sahil Arora shortly moved onto a brand new movie star topic: rapper Iggy Azalea.

However Azalea launched her personal token as an alternative of working with Arora, slamming the promoter in a sequence of tweets Tuesday. That didn’t cease Arora from apparently taking in $380,000 value of funds in a presale for an Iggy Azalea token of his personal—and it nonetheless hasn’t been airdropped to those that despatched funds, as of this writing.

By way of his Telegram group, XO, Arora teased that Iggy Azalea was to be his subsequent movie star accomplice for a meme coin to launch by means of Pump.enjoyable. Rapidly, he dropped an tackle prompting folks to ship Solana (SOL) to enter a presale for the soon-to-launch token.

Initially solely open to 100 wallets, he quickly expanded that tally to 700 and ultimately 1,000. Now, the presale pockets holds over $380,000 value of crypto—however those that purchased in say they haven’t obtained their tokens but amid combined alerts round Azalea’s personal MOTHER token.

On Tuesday, Arora dropped a Pump.enjoyable hyperlink in his Telegram group for his IGGY token with the promise of an endorsement tweet from the Australian rapper on its method. Then he posted on Twitter, which wasn’t warmly obtained—notably after Azalea herself stated she’d opted to launch her personal token as an alternative, and wasn’t collaborating with Arora.

“Are you going to ship the presale tokens out???” one Twitter person requested. “I despatched two Solana within the presale, what’s gonna occur to that?” one other cried out. “Whereas everyone seems to be asking about [the] airdrop, I am questioning the place is the put up from Iggy Azalea herself LMAO?” one more questioned.

“She’s going to [Twitter] Areas with me at $10 million [market cap],” Arora claimed on Telegram, whereas IGGY sat at a $2 million market cap. However earlier than his token might even attain $3 million, Azalea took to Twitter to launch her personal token, MOTHER, with out Arora.

“Don’t disappoint your mom,” the rapper posted, adopted by the token tackle. “Sahil child, take your L and go already.”

In response, the crypto promoter took to Telegram to maneuver the objective posts relating to the airdrop deal—which was initially promised previous to the token’s public launch. As an alternative, he provided computerized allowlist placement on future tasks for many who paid in, a ten% minimize of income from upcoming token launches, and an airdrop of IGGY after it hits a $10 million market cap as an alternative.

Over the following hour, in line with DEX Screener, the IGGY token dropped from a $1.35 million market cap to a measly $160,000, tumbling even additional to $55,000 on the time of writing. 

Azalea then took to Twitter Areas to inform her facet of the story. In line with a number of sources who had been there, the musician claimed that Arora spoke along with her supervisor, attempting to persuade them to launch a token. However after researching Arora’s background, they opted to proceed with out him. Arora appeared to have caught wind of this, and front-ran them along with his personal IGGY token.

Off the again of those Twitter Areas, the Australian rapper grew to become the darling of Crypto Twitter, with many notable personalities claiming that she gave the impression of she really understood the house and wasn’t simply in it for a fast money seize.

Arora, for his half, responded to the controversy by teasing one other drop and trying to flex on the haters by showcasing his obvious wealth.

Decrypt reached out to Arora a number of instances forward of publication however didn’t instantly obtain a response.

Azalea has to date come out forward within the notion battle with Arora, based mostly on broad Crypto Twitter sentiment, although her personal token launch hasn’t been with out drama. Crypto analytics agency Bubblemaps pointed to obvious “insider” buying and selling on MOTHER forward of her tweet announcement, with merchants grabbing 20% of the provision beforehand and making thousands and thousands in income by promoting.

The rapper advised pseudonymous on-chain analyst okHOTSHOT on a Twitter Areas that her token was sniped by automated buying and selling bots the second it launched. One pockets specifically seems to be a Pump.enjoyable sniper bot that purchases massive quantities of freshly launched tokens.

Bubblemaps didn’t seem like happy with the reasons, nonetheless, ending its Twitter thread by quote-tweeting a chart that highlights the poor efficiency of many celebrity-endorsed tokens from the previous.

“Extra movie star tokens will come,” the corporate warned, “however do not forget that most of them find yourself nugatory and are sometimes stricken by insider buying and selling.”

Edited by Andrew Hayward

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