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Iggy Azalea Promises to Burn Coins to Fight Celebrity Crypto Scams

Key Takeaways

  • Iggy Azalea plans to burn her Mother Iggy (MOTHER) tokens whenever a celebrity project is identified as a scam;
  • She aims to establish credibility in the crypto community and differentiate herself from other celebrities;
  • Despite facing allegations of insider trading with her MOTHER token, Azalea remains dedicated to ensuring its integrity and positive impact.
Iggy Azalea Promises to Burn Coins to Fight Celebrity Crypto Scams

Iggy Azalea, the Aussie rapper who has recently entered crypto, revealed her strategy to fight crypto scams.

Azalea explained her approach in X Spaces, acknowledging that she is going to "get hated on" for being a celebrity in crypto. Therefore, to counter potential backlash, she promises to burn some of her Mother Iggy (MOTHER) tokens every time a celebrity project appears to be a "rug pull."

As such, Azalea aims to establish credibility within the crypto community, setting herself apart from other celebrities who have faced criticism.

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The rapper also announced her plans to secure a market maker, which would ensure the integrity of her coin, MOTHER.

Discussing her entry into crypto, Azalea revealed that her involvement was largely influenced by her brother, who is passionate about technology and crypto. She added:

NFTs didn’t feel like something that I could fit within, but memecoins involve so much more memeing and stuff that I really like — that kind of culture of the internet.

However, her MOTHER token faced scrutiny when Bubblemaps, an on-chain analytical tool platform, alleged that insiders bought 20% of the token's supply at launch before Azalea announced it and then dumped the holdings for $2 million.

On the other hand, the transactions in question could have also been the result of miner extractable value (MEV) bot operations. These bots exploit arbitrage opportunities using publicly available transaction data.

Despite the controversies, Azalea remains committed to her plan, aiming to create a positive impact and reinforce the integrity of her crypto ventures.

Such integrity is particularly needed at this period of time, as there has recently been a surge of celebrity-related memecoins tied to alleged scammer Sahil Arora.

Aaron S. , Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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