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- 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 traders.
- Buyers demand refunds and accountability as IGGY token worth drops by 98%.
Movie star crypto promoter Sahil Arora has come below fireplace after allegedly taking $380,000 in presale funds for a token falsely claimed to be endorsed by rapper Iggy Azalea. Regardless of promising an airdrop of the “IGGY” token, presale contributors are nonetheless ready to obtain their tokens.
Current transactions point out Arora is transferring funds out of the presale pockets, sparking outrage amongst traders who demand refunds and accountability.
The rise and fall of the IGGY token
In Might, Sahil Arora, a well known determine within the superstar crypto coin area, 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 gorgeous funding for a lot of.
The presale shortly amassed $380,000 as traders hoped to capitalize on the anticipated hype.
Nonetheless, the joy was short-lived. Iggy Azalea publicly denounced Arora and distanced herself from the token, launching her official cryptocurrency, MOTHER, which noticed substantial success with a $26 million market cap inside 24 hours.
In distinction, the IGGY token, which momentarily peaked at just below a $3 million market cap, misplaced its momentum and plummeted in worth.
Presale contributors quickly realized that that they had not acquired their promised IGGY tokens.
Regardless of Arora’s claims that each one presale consumers had been “taken care of,” a number of traders reported that that they had not acquired any tokens or refunds.
Arora’s justification for transferring funds between wallets as “shuffling” solely added to the confusion and frustration amongst traders.
Token presale funds on the transfer: the place’s the cash going?
Because the controversy grew, consideration shifted to the presale pockets’s exercise.
Vital actions of Solana (SOL) started in early June, with transactions sending giant 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 change globally.
Such transfers sometimes 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 latest tokens on Pump.enjoyable, a platform that facilitates the creation of meme cash. Regardless of these actions, presale contributors continued to attend for his or her IGGY tokens, resulting in rising suspicions of fraud.
Buyers’ 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 the moment based mostly.
The worth of the IGGY token has since plummeted by practically 98% from its all-time excessive, rendering it virtually nugatory. In the meantime, Azalea’s official Mom Iggy (MOTHER) token has additionally dropped by 55% over the previous month.