In 2024, Dubai-based investor and promoter Sahil Arora became a focal point due to his high-profile token schemes involving celebrities. Arora leveraged his extensive Instagram following and connections to amass substantial profits.
Arora's Scheme
According to reports, 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 that included direct messages to celebrities, offering significant payments in exchange for promoting the tokens. The core of Arora's scheme involved manipulating the token's price through hype and celebrity endorsements. Once the token was launched and its price was artificially inflated, Arora, who held a substantial portion of the token's supply, sold off his holdings, causing the token's value to plummet and leaving other investors with worthless assets. Bubblemaps has traced over 40 crypto addresses associated with Arora. These addresses were used to manage and manipulate the token supply. Typically, Arora held between 25-40% of the token's total supply in various addresses. After the token launch, he consolidated these holdings and moved the proceeds to a main wallet identified as 7Ci23i82, with funds then regularly transferred to centralized exchanges.
Financial Gains and Discrepancies
Arora's methods proved lucrative. Reports from Bubblemaps indicate that he earned around $30 million through these schemes in 2024. The monthly earnings breakdown shows considerable fluctuations: $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 a staggering $6.6 million in August. However, ZachXBT criticized Bubblemaps' calculations, suggesting the figures were inflated due to an error involving the incorrect attribution of a Poloniex wallet address to Arora. ZachXBT's revised estimate suggests Arora's actual earnings were likely between $2 and $3 million.
Legitimacy Issues
Celebrities involved in these schemes often face scrutiny and legal issues. Although many promote tokens for financial gain, the true value and legitimacy of these projects are frequently questionable.
The schemes orchestrated by Sahil Arora gained attention due to celebrity involvement and significant earnings. However, accurate figures regarding his profits remain disputed, and the legitimacy of such projects calls for caution when investing in cryptocurrencies.
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