Crypto promoter Sahil Arora is faced with counter-reactions because of the pre-sale of fake Iggy Azalea token

• Sahil Arora collected $ 380,000 in the pre-sale of the Iggy token and claimed that it was the official cryptocurrency of Iggy Azalea.
• Gelder is postponed from the pre-sale wallet, but no tokens are distributed to investors via airdrop.
• investors request reimbursements and accountability, since the value of the Iggy token sinks by 98 %.

The prominent crypto promoter Sahil Arora has come under criticism after he allegedly taken $ 380,000 in advance for a token, which was incorrectly claimed that he was advertised by rapper Iggy Azalea. Although an airdrop of the "Iggy" token was promised, the advance sales participants are still waiting for the preservation of their tokens.

Current transactions indicate that Arora is deducting funds from the ticket office, which caused outrage for investors and now demanded repayments and accountability.

rise and fall of the Iggy token

In May, Sahil Arora, a well-known figure in the celebrity cryptocurrency scene, started a pre-sale for a new token that is said to be connected to Iggy Azalea.

arora had previously been successful with tokens, which were linked to celebrities like Caitlyn Jenner and Rich The Kid, which made his Iggy token pre-sale an attractive investment for many.

The advance sale quickly earned $ 380,000 because investors hoped to capitalize on the expected hype.

The excitement did not last long. Iggy Azalea publicly condemned Arora and distanced himself from the token. She launched her official cryptocurrency Mother, which had great success within 24 hours and achieved a market capitalization of $ 26 million

In contrast, the Iggy token, whose market capitalization was just under $ 3 million, was almost $ 3 million, dynamics and its value crashed.

The participants of the advance booking soon became clear that they had not received their promised Iggy token.

Although Arora claimed that "was taken care of all buyers of the pre -sale", several investors reported that they had not received any tokens or reimbursements.

arora's reason for the shift of funds between Wallets as a "shuffling" only contributed to confusion and frustration among investors.

token-advance payment on the go: Where does the money go?

As the controversy increased, attention was paid to the activity of the pre-sale wall.

In early June, there were considerable movements of Solana (Sol), whereby large quantities of Sol were sent to different wallets and centralized stock exchanges through transactions.

On June 8, around 663 SOL (worth around $ 89,800) were transferred to a wallet, which then sent a similar amount to Binance, the world's largest cryptocurrency exchange.

Such transmissions usually precede the conversion of crypto-assets into Fiat currency.

A closer examination showed that over 2,296 SOL (around $ 311,000) was postponed from the pre-sale wallet last month.

These transactions included transfers to intermediate wallets, centralized stock exchanges and the introduction of new tokens on pump.fun, a platform that facilitates the creation of meme coins. Despite these activities, the participants of the advance booking continued to be waiting for their Iggy token, which led to growing suspicion.

The frustration of the investors can be clearly felt on social media. Many demand that Arora have to fear legal consequences. Some even demand his deportation from Dubai, where he currently lives.

The value of the Iggy token has since fallen from almost 98 % of its all-time high and therefore almost worthless. In the meantime, Azaleas has officially Mother Iggy (Mother) -Token also sunk by 55 % last month.