Dubai Investor Gains $30 Million in Crypto Pump and Dump Scandal

sevval15/08/20241 Mins read271

Dubai Investor Gains $30 Million In Crypto Pump And Dump Scandal

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.

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Crypto Pump and Dump Scam on Pump Fun

Things really took off with @pumpdotfun.

With his large Instagram audience and verified checkmark, Sahil realized that greedy celebrities would accept almost any deal

For a large payment, all he asked them was to tweet the contract address of a token… pic.twitter.com/7UeUgqU3po
— Bubblemaps (@bubblemaps) August 14, 2024

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.

We’ve identified over 40 addresses linked to Sahil.

For each token, he typically held between 25-40% of the supply in one or multiple addresses, selling and sending SOL to a main address: 7Ci23i82.https://t.co/2qP8VNXnl7 pic.twitter.com/BnP3z1HBmf
— Bubblemaps (@bubblemaps) August 14, 2024

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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sevval

Şevval has been actively writing since 2022 and is a third-year mathematics student at Ankara University. Her interest in writing is shaped particularly around innovative technologies such as Web3, artificial intelligence, and blockchain. She closely follows developments in these fields and aims to convey complex topics to readers in a clear and engaging manner. She enjoys combining her mathematical knowledge with technology to create content and strives to raise awareness about the digital world of the future.

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