Sahil Arora, a well-known figure in the celebrity crypto coin space, is facing backlash after allegedly raising $380,000 in a presale for a token falsely claimed to be endorsed by Australian rapper Iggy Azalea. Despite promises of an airdrop of the “IGGY” token, investors have yet to receive their tokens, leading to demands for refunds and accountability as the token’s value drops by 98%.
The rise and fall of the IGGY token
In May, Sahil Arora launched a presale for the IGGY token, attracting investors who hoped to capitalize on the hype surrounding a token associated with Iggy Azalea. However, the excitement was short-lived as Iggy Azalea publicly distanced herself from the token and launched her official cryptocurrency, MOTHER, which saw significant success with a $15 million market cap within 30 minutes. In contrast, the IGGY token, which briefly peaked at just under a $5 million market cap, quickly lost its value.
Presale participants have reported not receiving their promised IGGY tokens, despite Arora’s claims that they had been “taken care of.” The movement of funds between wallets and centralized exchanges, as well as the launch of new tokens on Pump.fun, has raised suspicions of fraud among investors. Many have taken to social media to express their frustrations and demand legal consequences for Arora, with some even calling for his deportation from Dubai, where he is currently based.
In addition to the IGGY token controversy, Sahil Arora has been linked to several other celebrity token debacles. He has launched scam tokens backed by celebrities like Rich the Kid and Caitlyn Jenner, exploiting their lack of experience with web3 to promote fraudulent cryptocurrencies. Other token rug pulls orchestrated by Arora include Zumi, Doll, and $SOULJA.
As the value of the IGGY token continues to plummet and investors await accountability for the missing funds, the controversy surrounding Sahil Arora’s activities in the celebrity crypto coin space raises questions about the regulation and oversight of such ventures. Investors are urged to exercise caution and due diligence when considering investments in celebrity-backed tokens to avoid falling victim to potential scams and fraudulent schemes.