Sahil Arora’s Crypto Mess: $380K and No Tokens?

Celebrity cryptocurrency promoter Sahil Arora is under scrutiny after allegations surfaced that he mismanaged $380,000 raised in a presale for a token he claimed was endorsed by rapper Iggy Azalea. Participants allege that despite contributing significant amounts in SOL, the promised tokens have not been delivered.

One participant detailed sending 5 SOL ($670) to Arora without receiving anything in return, while another expressed surprise at the lack of public outcry over the issue. Arora, however, asserts that he has been merely “shuffling” his wallets and insists that presale buyers have been taken care of—a claim contradicted by participants’ experiences.

The situation is complicated by the timing of Arora’s presale for the IGGY token, which he announced ahead of Azalea launching her official token, MOTHER. The presale quickly attracted $380,000, riding on Arora’s previous successes with celebrity-related tokens. However, when Azalea publicly launched MOTHER, which rapidly reached a $26 million market cap, IGGY’s prospects dimmed.

IGGY’s market success was modest, and the situation deteriorated as significant portions of the presale funds began moving to centralized exchanges, presumably for sale, which is often indicative of cashing out. Tracking by blockchain intelligence revealed that large sums were transferred from the presale wallet to various addresses and ultimately to Binance, indicating potential liquidation.

As the controversy unfolds, participants express deep frustration, with some hoping for legal repercussions or at least a refund. Despite IGGY’s price plummeting nearly 98% from its peak, the priority for many is simply to recover their initial investment, reflecting a loss of faith in Arora’s promises.

This case highlights the volatile nature of meme coin investments and the importance of transparency and accountability in crypto presales, especially those involving high-profile endorsements.