-AD-
-AD-
HomeNewsIggy Azalea's Memecoin Faces Insider Trading Controversy

Iggy Azalea’s Memecoin Faces Insider Trading Controversy

- Advertisement -
  • Insider sold 10% of MOTHER’s total supply on May 29.
  • The JEET account profited $1.4 million by selling 89 million tokens.

Mother Iggy (MOTHER), the just-introduced Iggy Azalea memecoin, has become mired in controversy after a lot of insider activity. Bubblemaps, a blockchain analytics platform, said that on May 29, an insider sold about 10% of the coin’s entire supply.

MOTHER’s Insider Activity Uncovered 

The core of this dispute is an account starting with “JEET”. Over 109 million MOTHER coins are said to have been bought by the insider over-the-counter; the majority were then sold on the open market.

According to Solscan data, JEET received 127.5 million MOTHER from the deployer account and split it up throughout several wallets. Over several transactions, at least one of these wallets sold 20 million MOTHER into the Raydium liquidity pool.

Bubblemaps emphasize in an X thread the significant insider activity on MOTHER. The thread claims that insiders bought more than 20% of the whole currency supply straight from the launch team, and by the time the post was published, sales had surpassed $2 million.

Bubblemaps further explained that the JEET owner received “109T MOTHER (10% of the supply),” probably meant to say “109M MOTHER,” as 10% of a billion coins is 100 million coins.

Profits and Unrealized Gains 

The action on the JEET account brought in $1.4 million in income for the holder by sending 89 million tokens to other wallets for sale. The insider still had unrealized earnings of $400,000 at the time Bubblemaps published their story.

According to Bubblemaps, “Invicible,” a pseudonymous trader and Pump.fun user, owns the wallet and is active on X as well. The identity of the wallet owner has not been verified at this time.

Source: Bubblemaps.io

From the deployer account, the JEET wallet received 86.9 million MOTHER on May 28 at 9 p.m. UTC, according to blockchain data from Solscan.

A second transaction brought the account’s total to 127.5 million, or 12.75% of the coin’s total supply. JEET also bought 9.2 million MOTHER from the Raydium liquidity pool.

Tricky Token Movements 

The JEET account moved 83.3 million tokens at 9:13 p.m. to an account ending in jdMW, which in turn transferred the tokens to an account ending in fDOL. The owner then separated the coins and put them into many wallets.

At 1:14 am, 20 million coins were moved to an account with a BhQ5 ending, starting several swap transactions on the Raydium decentralized exchange and Jupiter aggregator. It was entirely sold at 2:56 a.m.

BhQ5 account Source: Solscan

BhQ5 owned just 20 million, or 15.6%, of the 127.5 million that JEET had on hand initially. This insider behavior has raised questions about the transparency and honesty of the Mother Iggy memecoin launch.

Meanwhile, ETHNews previously reported a trader who invested in MOTHER to turn $861 into $509K.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Syofri
Syofri
Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628
RELATED ARTICLES

LATEST ARTICLES