Iggy Azalea’s MOTHER token is facing claims of insider activity following the debut of alleged scammer Sahil Arora’s IGGY cryptocurrency, DeFi supply auditing company Bubblemaps revealed on May 29.
According to Bubblemaps, insiders reportedly bought 20% of MOTHER’s supply before its launch on Wednesday, ultimately dumping $2 million worth of the token.
Iggy Azalea’s MOTHER Token Accused Of Insider Activity
One wallet labeled as JEEt3D1 allegedly purchased 109T, an estimated 10% of the coin’s supply.
Bubblemaps claims JEEt3d1 has since been split into seven different wallets and has sold 89T of MOTHER.
“Because this is my concept/coin – I’m somehow supposed to bare responsibility for what random ppl do with their wallets,” Azalea said in reply to Bubblemaps’ X post. “When in reality them dumping only makes it harder for me to achieve my goal of having a coin that is actually part of pop culture.”
The launch of Azalea’s cryptocurrency comes amid a celebrity memecoin frenzy, with rapper Rich The Kid and reality TV star Caitlyn Jenner debuting their own namesake tokens this week.
Many have been hit with controversy due to Arora’s involvement, given the allegations of crypto fraud schemes against him.
“This guy pretty much made a pump-and-dump and dumped all the money into his account and blocked me,” Rich The Kid said of Arora in a video posted to X Monday.
Meanwhile, because this is my concept/coin – I’m somehow supposed to bare responsibility for what random ppl do with their wallets. When in reality them dumping only makes it harder for me to achieve my goal of is having a coin that is actually part of pop culture. https://t.co/4GCYkVsHGX
— IGGY AZALEA (@IGGYAZALEA) May 29, 2024
In posts to X on Wednesday, Azalea claimed she had never spoken to Arora despite his launch of the IGGY token on Tuesday.
MOTHER is currently greatly outperforming IGGY, with a market capitalization of $19.2 million compared to Arora’s $95,000 at the time of publication.
“Sahil baby take your L and go already,” the Australian rapper posted on Tuesday.
Sahil Arora At The Center Of Memecoin Scam Allegations
Several celebrities, including Lindsay Lohan, Jake Paul, and Floyd Mayweather, have been penalized by the U.S. Securities and Exchange Commission for illegally promoting cryptocurrencies.
Jenner, who claims she was “scammed” by Arora, said she believed he wouldn’t be “launching many celebs coins again.”
“That doesn’t mean I won’t be investing and continuing to promote $Jenner – but Sahil appears to be fully out, at the moment,” Jenner continued.
“More celebrity tokens will come, but remember that most of them end up worthless and are often plagued by insider trading,” Bubblemaps concluded.
Jenner continues to promote her token of the same name, while Rich The KID launched a new cryptocurrency sans Arora. He has since denied all scam allegations.
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