Iggy Azalea Pledges Coin Burn to Tackle Crypto Scams Amid Controversy Over Her MemeCoin Launch
Summary:
Pop star Iggy Azalea has pledged to destroy some of her own digital currency whenever a celebrity-endorsed cryptocurrency is confirmed fraudulent. Aimed at fostering trust within the crypto community, her unconventional strategy is part of her commitment to upholding the integrity of the crypto space. Meanwhile, Bubblemaps alleges that insiders acquired a significant portion of Azalea's own memecoin, Mother Iggy (MOTHER), prior to its public launch, selling their holdings for $2 million beforehand. These accusations are challenged by X user Dominium, who attributes the transactions to MEV bot activity rather than illegal insider trading.
Famous pop artist and recent crypto enthusiast, Iggy Azalea, pledged to eliminate a portion of her own digital currency each time a fraudulent celebrity coin is discovered. This plan aims to foster credibility and uphold ethical standards within the crypto sphere, and position herself apart from other celebrities engaged in contentious activities. "I suppose it'll be impressive to contribute positively," shared Azalea during an X Space interview.
Azalea plans to eliminate some of her own currency any time a celebrity associated coin becomes clearly fraudulent, stating, "As a recognized figure within this sector, I'm aware there's potential for criticism. Therefore, I'll burn some of mine each time a celebrity related coin looks suspiciously dubious."
In conversation about her crypto journey and inspiration to be a part of the X space culture, Azalea added, "Truthfully, there was no formal induction for me. Matt is just really into crypto and never stops discussing tech or innovations[...] NFTs didn't seem to match my style, but memecoin encompasses more banter and internet humour, things that I genuinely enjoy."
The gifted artist further discussed her mission to maintain the authenticity of her coin by aiming to "establish a market maker by the end of tomorrow."
Despite her endeavours to ensure the credibility of her memecoin, known as Mother Iggy (MOTHER), Bubblemaps has recently asserted that insiders initially purchased a substantial quantity of the token's supply. This auditing tool platform suggested that insiders secured "20% of the initial supply" prior to Azalea's launch announcement. These holdings were reportedly sold off for $2 million before the launch was publicized.
In response to similar allegations of insider trading by Lookonchain on May 21, X user Dominium argued that the detailed transactions were actually miner extractable value (MEV) bot procedures, renowned for capitalizing on arbitrage possibilities. The term "insider" alludes to one who has access to confidential non-public information (MNPI). MEV bots do not need MNPI because they make use of accessible transaction data. As such, they do not fall under the traditional legal classification of insider trading.
Published At
5/30/2024 12:14:29 PM
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