Hackers have threatened to release the tape, allegedly starring the 24-year-old rapper, by sending messages via Twitter under the name "TheAnonMessage."

"MESSAGE: @IGGYAZALEA, you have exactly 48 hours from now to release a statement apologizing to @AzealiaBanks and the protesters in NYC..." the hackers wrote. "You are guilty of misappropriating black culture, insulting peaceful protesters, and making light of Eric Garner's death."

This threat comes right on the heels of a nasty feud between the 'Fancy' singer and Azealia Banks. Recently, Azalea called out Iggy on Twitter for "imitating" black women.

"We have so much shit on you, your scandal would be bigger than Bill Cosby's," the hackers wrote. "There's an X rated tape of you, we bet you'd certainly don't want public, are we right? @IGGYAZALEA....and this is nothing. Comply or else."