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Dubai-based investor Sahil Arora has been implicated in a massive $30 million pump-and-dump scheme involving celebrity tokens on the Solana-based memecoin platform, Pump Fun. This scheme, which reportedly took place throughout 2024, has left numerous investors with significant losses.
The Pump-and-Dump Scam
Sahil Arora allegedly exploited Pump Fun, a platform for launching memecoins, by issuing tokens associated with various celebrities. Some of the high-profile names reportedly involved include Caitlyn Jenner, Floyd Mayweather, Amber Rose, Sunny Leone, and Iggy Azalea. After launching these tokens, Sahil used his substantial 1.5 million Instagram followers as liquidity exits, rapidly selling off his holdings as soon as the celebrities promoted the tokens.
How the Scam Worked
According to Bubblemaps, a blockchain analytics platform, Sahil controlled between 25-40% of the total supply for each token across multiple wallets. He consolidated these holdings and sold them off after the tokens were promoted by the celebrities, causing the token prices to crash and leaving investors with worthless assets. The profits from these sales were funneled into a main wallet, identified as 7Ci23i82, from which the funds were then transferred to centralized exchanges.
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Legal and Ethical Gray Areas
Despite the clear financial harm caused by these actions, Bubblemaps notes that pursuing legal action against Sahil Arora could be challenging. The scam operates in a legal gray area, complicating efforts to hold him accountable. Additionally, the celebrities involved may not pursue legal action, as they are partially responsible for promoting the tokens that led to investor losses.
This case highlights the risks associated with celebrity-endorsed cryptocurrencies and the importance of thorough research before investing in such assets. Investors should remain vigilant and be cautious of schemes that may exploit their trust in well-known figures.
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