Iggy Azalea Latest Victim in Celebrity Meme Coin Scam, Which Star will Fall Next?

Celebrity involvement in crypto has often sparked controversy, with some being associated with pump-and-dump schemes or short-lived token successes.

The latest to raise concerns is Olympian and television personality Caitlyn Jenner, who recently began promoting a self-named token, prompting widespread questions about its legitimacy.

Amidst the ongoing scrutiny of Jenner's crypto venture, another celebrity has entered the scene, further fuelling the growing buzz and industry speculation.

Iggy Azalea Disassociates from Alleged Scammer's $300K Meme Coin

Yesterday, Iggy Azalea sparked curiosity on X with a tweet that read, "Who's Solana?"

This seemingly simple question quickly ignited a flurry of responses from her 7.6 million followers, leading to speculation that she might be the latest celebrity to join the ongoing crypto craze.

Some followers initially speculated a connection to the music artist SZA, but Azalea clarified that her inquiry was indeed related to cryptocurrency.

The artist referenced a name that has recently gained notoriety during the Caitlyn Jenner crypto saga: Sahil Arora.

A new celebrity memecoin, launched by alleged serial scammer Arora, has raised over $300,000 in its presale, bearing Azalea's name.

On Tuesday, posts from Azalea's X account distanced the artist from Arora's presale while revealing that a legitimate crypto project was in the works.

Azalea's account said in a now-deleted post on X:

“Basically I was interested in making a legit coin with utility but Sahil tried it n thought I wouldn't see his weirdo lil presale telegram shit."

The plot thickened when Jenner, known for her vigorous promotion of her token and her support for Solana, retweeted Iggy Azalea's posts.

Jenner added to the buzz by announcing that they are both celebrating "Solana Summer."

While Azalea expressed a negative opinion of Sahil, she hinted at her own upcoming crypto project.

She went on to drop a reminder of her token's launch on the Ethereum network today.

When asked if she will launch another token, she responded that the current one is the only one she is launching.

Arora & His Alleged Illicit Activities

This week, attention is focused on the alleged illicit activities of Arora, particularly his involvement in celebrity meme coin ventures.

Arora faces accusations of various scams, including rug pulls on the Avalanche network, which purportedly resulted in him pocketing small sums through fraudulent means.

A Telegram channel provides detailed accounts of a recent token launch campaign, with participants alleging Arora's involvement in orchestrating a rug pull, a common exit scam in the meme coin realm.

One investor in this project claimed that liquidity vanished within just five minutes of the coin's launch.

The investor noted:

“If I can remember vividly, I don't think he got more than 6-8 AVAX for $RICH.”

Furthermore, Arora is implicated in a rug pull associated with former NBA star Dwight Howard.

However, Arora vehemently denies these allegations, attributing losses to investors' mistimed entries rather than any fraudulent actions on his part.

He expressed:

“Tons of people make big from my launches. The few that don't become haters.”

Be Wary of Celeb-Endorsed Crypto Projects

Amidst the Jenner-Iggy Solana crypto frenzy, the performance of past celebrity-backed projects comes under scrutiny.

X user Wale Mooca emphasizes the precariousness of such ventures, expressing concerns about their sustainability over time.

These projects, endorsed by well-known personalities like TV star Kim Kardashian, American boxer Floyd Mayweather, and Chris Brown, among others, now face heightened scrutiny.

This scrutiny prompts reflection on the responsible use of celebrity influence and raises questions about the potential repetition of past trends in these new instances.

Both Azalea and Jenner are promoting their token fervently on X, albeit in different ways.

With that in mind, which celebrity will be the next alleged victim of Arora's ever-extending reach?