"Unfortunately although I love Nick and have tried and tried to rebuild my trust in him, it's become apparent in the last few weeks I am unable to," the 25-year-old Australian wrote. "I genuinely wish Nick the best. It's never easy to part ways with the person you planned you're [sic] entire future with, but futures can be rewritten and as of today mine is a blank page."
Young, a shooting guard for the Los Angeles Lakers, issued a more succinct statement on Twitter.
The duo announced their engagement in June 2015 but the relationship publicly hit the rocks in March when Young, 30, was implicated in a cheating scandal after one of his Lakers teammates, D'Angelo Russell, posted a video to social media where Young talked about being unfaithful.
The scandal hit just two weeks after news of the couple's postponed wedding, which was originally scheduled for the end of the year. Azalea said at the time that touring commitments had forced them to push the wedding off until after the end of the next NBA season.
In April, Azalea opened up about the relationship on the Ellen DeGeneres Show, confirming that the engagement was still on -- flashing her diamond ring -- and telling the daytime host that there was no drama between the two.
"We're good," Azalea said. "There isn’t [controversy] at home, just on the internet."
I-G-G-Y also sported the engagement ring on her solo outing on the iHeartRadio Awards red carpet -- but days later, she began ditching the sparkler and rumors swirled again. Azalea addressed those rumors with some seeming uncertainty.
"Ya, I guess I'm still engaged, I think so," she told 103.7 KVILat the time. "I know [that] I haven't called it off, I have to have a talk with him and see how the talk goes. We're not unengaged yet."