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.
