Fake Iggy Azalea Token Caused Investors to Lose $380,000 Due to Mistakenly Trusting Presale

Key Points:

• Sahil Arora collected $380,000 for a fake Iggy Azalea token after attracting attention from the famous rapper’s fame.
• Arora moved $100,000 to exchanges and 2,296 SOL for other ventures, leaving participants without promised tokens.

According to Decrypt, notorious celebrity crypto promoter Sahil Arora is under fire after taking $380,000 in presale funding for a fake Iggy Azalea token. Over a month later, participants reported they have yet to receive any tokens despite funds moving from the presale wallet.

Celebrity Crypto Promoter Faces Fraud Allegations

When questioned about the status of the presale funds and the movement of SOL, Arora told Decrypt that he was merely “shuffling” his wallets. However, around $100,000 worth of SOL has been moved to centralized exchanges, presumably to be sold. Arora also criticized Decrypt for not “following events” properly.

Arora had claimed that Australian rapper Iggy Azalea was launching a meme coin called IGGY through him. Known for launching tokens for celebrities like Caitlyn Jenner and Rich the Kid, Arora quickly gathered $380,000 in presale funds for the fake Iggy Azalea token.

Fake Iggy Azalea Token Is Surpassed By Real Token

Despite its initial limited success, peaking just shy of a $3 million market cap on Pump.fun, Azalea denounced Arora and launched her official token, MOTHER, which hit a $26 million market cap within 24 hours.

As public attention shifted, $380,000 remained in the IGGY presale wallet. Over the past month, more than 2,296 SOL have moved from the wallet, some to other wallets, intermediary wallets, and centralized exchanges, and to launch new tokens on Pump.fun. Yet, presale participants still haven’t received airdropped IGGY tokens.