Australian rapper Iggy Azalea, a known fan of what is sometimes referred to as cryptos, has issued a challenge—should a specific digital currency turn out to be a fraud, she will personally burn her coins. This move is part of the rapper’s campaign to eradicate fraud within the cryptosphere as she advocates for the right conduct among community members.
The singer revealed it during the X Space conference, which can be considered her first step into the world of digital assets. Specifically, Azalea highlighted that she wanted to avoid being associated with some of the polarizing characters common within the crypto industry. For her part, Azalea emphasized her passion for empowering a healthy cryptocurrency community.
Azalea also shared the initial motivations that led her to explore the world of cryptocurrencies and her ongoing efforts to preserve the trust in her cryptocurrency, ‘Mother Iggy’s Coin.’
In this aggressive yet strategic move and with her proactive attitude, Iggy Azalea seeks to establish herself in the crypto space and become an advocate of honest and responsible practices in the community.
Insider trading allegations over Iggy Azalea’s coin
Even though Iggy Azalea tried to check the origins of the “MOTHER” coin, the insiders are said to have bought a large amount at launch, according to a supply auditing tool called Bubblemaps.
Bubblemaps claims that these insiders purchased “20 percent of the tokens at launch,” which they later sold for $2 million before the intended time of distribution. However, these claims have not been backed up by any official source of information.
For instance, an X user known as Dominium has come forward to refute similar claims made by Lookonchain regarding certain transactions, suggesting that the transactions in question were made by MEV bots. MEV bots are infamous for trading on publicly available transaction information; this differentiates them from the conventional legal definition of insider trading.
However, Iggy Azalea’s promise to burn her own money in the event of fraud is one way to encourage the right business practices in the sometimes risky crypto market. The crypto community will pay attention to the practical implementation of Azalea’s approach since it can encourage other celebrities and influencers to adopt similar measures, which can contribute to developing ethical practices in the industry.
