Sahil Arora, a notorious cryptocurrency promoter, raised $380,000 during a presale for a token he claimed would be the official cryptocurrency of Iggy Azalea. More than a month later, funds began flowing out of the wallet, but participants are still complaining that they have not received any tokens.

Participants lose thousands to SOL

A presale participant said he sent 5 Solana (SOL) ($670) from two different wallets and Arora simply kept it. Another participant said:

“I put 3 SOL ($400) in, never received anything. I’m surprised no one is calling him out on this.”

When asked about the status of the presale funds and why the accumulated SOL was moved, Arora said he was simply “shifting” his portfolios. But some of that SOL, around $100,000, was moved to centralized exchanges, presumably to be sold. Arora claims that the presale buyers are already “well taken care of” and says that contradictory claims indicate that people are not “keeping a close eye” on what’s happening.

Before launching her actual token MOTHER, Iggy Azalea Arora had previously announced that she would be launching a memecoin called IGGY through him. Arora, known for launching celebrity tokens like Caitlyn Jenner and Rich the Kid, quickly raised $380,000 when he began raising presale funds.

A “presale” of tokens is a common tactic among memecoin creators, often with disastrous results for early buyers. Sometimes, however, early investors make huge returns, which is why FOMO is created.

Arora launched his IGGY token, which saw limited success, peaking at just under $3 million market cap shortly after its launch on Pump.fun, an on-chain memecoin factory. Before his token could gain traction, Azalea distanced itself from Arora and launched its official token MOTHER, which reached a market cap of $26 million within 24 hours.

Still $380,000 in IGGY presale wallet

As Arora shifted public attention to new ventures, the wallet faded from the collective consciousness of the crypto world. On June 8, the wallet sent 663 SOL ($89,800) to a wallet starting with “8A9jAg,” which then sent a similar amount to Binance, the world’s largest cryptocurrency exchange. This typically means the cryptocurrency is then sold for a fiat currency, such as the US dollar. In addition to this transaction, the presale wallet sent 70 SOL ($9,485) to another wallet (E29zE9), which then sent 93 SOL ($12,500) to Binance.

Over the past month, the presale wallet has moved over 2,296 SOL ($311,000). Some of these funds were moved to different wallets, some to intermediate wallets before being transferred to centralized exchanges, and some Solana was used to launch new tokens on Pump.fun.

Presale participants still haven’t received IGGY tokens

One presale participant said: “I would like to see him deported from Dubai and put in jail lol but I don’t think that’s very likely,” referring to the lack of their airdrop, another user said: “No airdrop, no refund.”

Even if Arora decides to finally airdrop the tokens today, IGGY is down almost 98% since its all-time high shortly after launch. In contrast, the official Azalea token MOTHER is up over 137% in a similar period.

“I want my SOL 100% refunded,” said another presale participant, when asked if he still wanted to receive tokens at this point. He continued:

“Back then he still had the intention to send coins to a few hundred thousand, now he has already lost his reputation.”

Source: https://cryptobenelux.com/2024/07/05/scammer-haalt-380-000-op-met-nep-presale-van-iggy-azalea-iggy-token/



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