Bubblemaps, a blockchain data analysis platform, has revealed the activities of Sahil Arora, a Dubai-based entrepreneur. Arora reportedly made over $5 million by leveraging his ties with celebrities to promote meme coins.
By persuading stars such as Floyd Mayweather, Caitlyn Jenner, and Iggy Azalea to endorse these meme coins, he allegedly manipulated market participants for personal gain.
Bubblemaps Exposes Sahil Arora’s Modus Operandi
According to Bubblemaps, Arora employed a straightforward strategy. He held the majority of each coin’s supply, selling his shares as soon as celebrity endorsements spiked their value. This approach capitalized on the increased liquidity, allowing him to reap substantial profits quickly.
The investigative report includes a revealing Instagram chat screenshot with singer Jason Derulo. In the conversation, Arora brazenly offers $200,000 for a promotional tweet. This direct solicitation exemplifies his method of engaging celebrities.
Read more: Crypto Scam Projects: How To Spot Fake Tokens
Bubblemaps’ findings claim that Arora controlled more than 40 crypto addresses. For each project, he generally owned 25-40% of the total supply.
He would then sell off his holdings through a primary address that the investigation later identified. This pattern of quick sales post-endorsement facilitated his large earnings.
However, this analysis was not foolproof. On-chain expert ZachXBT identified errors in Bubblemaps’ initial report, noting that one of the implicated addresses was actually linked to the Poloniex exchange. Consequently, Bubblemaps revised their figures, confirming that Arora’s actual earnings amounted to around $5 million.
Despite these revelations, Arora continues to operate.
“He launches tokens daily on Pump.fun, claiming new celebrity connections. He buys 10 Solana (SOL) and dumps seconds after shilling in his Telegram for a quick gain,” Bubblemaps said.
Legally, the situation remains in a gray area. No celebrities have taken action against Arora, likely due to their participation in the promotions. Meanwhile, investors have faced financial losses.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Another report reveals that Over 30 celebrities have launched their meme coins since June. Following these celebrity-endorsed launches, the meme coins have plummeted in value by an average of 94%.
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