Dubai Investor Makes $30 Million in Crypto Celebrity Pump and Dump Scheme
Dubai Investor– Dubai-based investor Sahil Arora has allegedly used the Solana-based platform Pump Fun to launch celebrity tokens, reportedly defrauding investors of a staggering $30 million. According to reports, Arora executed a classic pump-and-dump scheme by issuing these tokens through Pump Fun.
Crypto Pump and Dump Scam on Pump Fun
Recent reports from Bubblemaps reveal that Sahil Arora made an impressive $30 million in 2024 alone by issuing celebrity tokens, most of which subsequently plummeted to zero after their initial launch. Arora’s tokens featured celebrities like Caitlyn Jenner, Floyd Mayweather, Amber Rose, Sunny Leone, Iggy Azalea, and others. Utilizing Pump Fun as a launchpad, Arora leveraged his substantial Instagram following of 1.5 million to persuade celebrities to promote the tokens by tweeting their contract addresses.
According to Bubblemaps, Arora controlled a significant portion of the token supply and sold off his holdings immediately after the promotional tweets. This strategy used the celebrities’ followers as a liquidity exit. Remarkably, Arora openly shared his profits from these schemes.
Bubblemaps has tracked over 40 crypto wallet addresses linked to Arora. For each token, he reportedly held between 25% and 40% of the total supply across multiple addresses before consolidating and selling. The proceeds were then funneled to a primary wallet identified as 7Ci23i82, from which Arora frequently transferred funds to centralized exchanges (CEX). Bubblemaps has provided detailed data on how Arora managed to exploit investors throughout 2024. Despite the significant losses faced by thousands of fans, Arora’s actions remain in a legal gray area, complicating any potential legal action. Additionally, even the celebrities involved have not pursued legal action, as they are partially responsible for the situation.
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