In 2024, Dubai-based investor and promoter Sahil Arora drew attention for his high-profile schemes involving celebrities, leveraging Instagram and connections for significant profits.
The Essence of the Scheme
Sahil Arora issued tokens tied to well-known figures such as Caitlyn Jenner, Floyd Mayweather, Amber Rose, Sunny Leone, and Iggy Azalea. Using a platform called Pump Fun, he orchestrated campaigns including direct messages to celebrities offering significant payments for promoting the token. Arora's core scheme involved manipulating token prices through hype and celebrity endorsements. After launching the token and artificially inflating its price through celebrity tweets, Arora, holding significant portions of the token supply, would sell off holdings, causing the value to plummet and leaving investors with worthless assets.
Arora's Financial Gains
Reports from Bubblemaps indicate Arora earned around $30 million through these schemes in 2024, with earnings varying significantly by month: $3 million in January, $1.8 million in February, $3.2 million in March, $2.5 million in April, $4.8 million in May, $2.5 million in June, $2 million in July, and $6.6 million in August. However, independent blockchain sleuth ZachXBT disputes these figures, suggesting the actual earnings were more likely between $2-3 million due to an error involving the incorrect attribution of a Poloniex wallet address.
Opinions and Disputes
ZachXBT critiques Bubblemaps' calculations, citing vector errors and liquidity discrepancies as factors leading to overreported figures. He stated: 'There is no way Sahil made $26M, check the liquidity on these coins. Would estimate he made <$5M at most and likely only $2-3M.'
Arora's celebrity token schemes drew significant attention in 2024, though disputes over his actual earnings persist. Nonetheless, the involvement of celebrities in such schemes raises questions about the true value and legitimacy of these ventures.
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