Iggy Azalea’s MOTHER memecoin has been hit by claims of insider activity

Last updated: May 29, 2024 2:56 pm EDT | 2 minute read

Iggy Azalea’s MOTHER token is facing allegations of insider activity following the debut of alleged fraudster Sahil Arora’s IGGY cryptocurrency, DeFi supply auditing firm Bubblemaps revealed on May 29.

According to BubblemapsInsiders reportedly purchased 20% of MOTHER’s supply ahead of its launch on Wednesday, ultimately dumping the token worth $2 million.

Iggy Azalea’s MOTHER token accused of insider activity

A wallet labeled JEEt3D1 would have purchased 109T, about 10% of the coin’s supply.

Bubblemaps says that JEEt3d1 has since been split into seven different portfolios and has sold 89T of MOTHER.

“Because this is my concept/currency – Somehow I should take responsibility for what random people do with their wallets,” Azalea said in response to Bubblemaps’ X post. “When in reality their dumping just makes it harder for me to reach my goal of have a currency that is actually part of pop culture.”

Azalea’s cryptocurrency launch comes amid a celebrity memecoin frenzy, featuring the rapper Rich The Kid and reality star Caitlyn Jenner debuting their 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 basically did a pump-and-dump and dumped all the money in his account and blocked me,” Rich The Kid of Arora said in a video posted on X Monday.

In posts addressed to X on Wednesday, Azalea said she had never spoken to Arora despite the launch of the IGGY token on Tuesday.

The MOTHER is currently significantly outperforms 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 US Securities and Exchange Commission for illegally promoting cryptocurrencies.

Jenner, who claims she was “scammed” by Arora, said she believed he wouldn’t “flip many celebrity coins again.”

“That doesn’t mean I won’t invest and continue to promote $Jenner, but Sahil seems to be completely out of it at the moment,” Jenner continued.

“More celebrity tokens will come, but remember that most of them end up becoming worthless and are often plagued by insider trading,” Bubblemaps concluded.

Jenner continues to promote her token of the same name, while Rich The KID has launched a new cryptocurrency without Arora. He has since denied all allegations of fraud.

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