Iggy Azalea’s MOTHER token is facing accusations of insider activity following the debut of Sahil Arora’s IGGY cryptocurrency. Bubblemaps, a DeFi supply auditing company, revealed that insiders allegedly bought 20% of MOTHER’s supply before its launch and dumped $2 million worth of the token. One wallet, labeled JEEt3D1, reportedly purchased 10% of the coin’s supply and sold a significant amount since then. Azalea responded to these claims, stating that she should not be held responsible for the actions of random individuals with their wallets.
The launch of Azalea’s cryptocurrency coincides with a celebrity memecoin craze, with other celebrities such as Rich The Kid and Caitlyn Jenner also debuting their own tokens. However, Arora’s involvement in these projects has raised concerns due to allegations of crypto fraud schemes against him. Rich The Kid expressed frustration with Arora in a video where he accused him of engaging in pump-and-dump schemes. Azalea, on the other hand, denied ever speaking to Arora despite his launch of the IGGY token.
Amidst the controversy surrounding Arora, MOTHER token has significantly outperformed IGGY in terms of market capitalization. Azalea took to social media to advise Arora to accept his losses and move on. Several other celebrities, including Lindsay Lohan, Jake Paul, and Floyd Mayweather, have faced penalties from the U.S. Securities and Exchange Commission for unlawfully promoting cryptocurrencies. Jenner, who claims she was scammed by Arora, stated that she believes he will not be launching any more celebrity coins in the future.
Bubblemaps warned investors to be cautious when dealing with celebrity tokens, as they often end up being worthless and are prone to insider trading. Despite the negative publicity surrounding Arora, Jenner continues to endorse her token, while Rich The Kid has launched a new cryptocurrency without Arora’s involvement. He has vehemently denied all scam allegations against him. As the celebrity memecoin trend continues to gain traction, it is crucial for investors to exercise due diligence and conduct thorough research before participating in such projects.
