Ethereum

Arora

Solana

Dollars

Million

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/investor-sahil-arora-conducts-fraud-using-pump-fun-platform/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Investor Sahil Arora Conducts Fraud Using Pump.fun Platform</a> 
In 2024, Dubai-based investor Sahil Arora made headlines for fraud using the <a href="https://en.coin-turk.com/solana-the-most-promising-altcoin-according-to-goldman-sachs-former-executive/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana</a> (SOL) based Pump.fun platform. Sahil Arora is accused of deceiving <a href="https://finance.coin-turk.com/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">investors</a> by creating altcoins using celebrity names and allegedly earning around 30 million dollars in the process.
<h2 style="text-align: justify" id="strong-exploiting-legal-loopholes-to-earn-30-million-dollars-using-celebrities-strong">Exploiting Legal Loopholes to Earn 30 Million Dollars Using Celebrities</h2>
According to <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> compiled by Bubblemaps, Arora launched altcoins on the Pump.fun platform in the names of celebrities like Caitlyn Jenner, Floyd Mayweather, Amber Rose, Sunny Leone, and Iggy Azalea. He made deals with these celebrities to have them share the contract addresses of these altcoins on social media for large payments. However, Sahil sold a significant portion of these altcoins immediately after the celebrities’ tweets and transferred the profits to centralized exchanges.
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-380114" src="https://coin-turk.com/wp-content/uploads/2024/08/Bubblemaps.png" alt="" width="553" height="612">
Bubblemaps discovered that Arora conducted this fraud using over 40 different cryptocurrency wallet addresses. For each altcoin, Sahil held between 25% and 40% of the total supply, consolidated these coins into a main wallet, and then transferred them to centralized exchanges. This tactic allowed Sahil to collect investors’ money and transfer it to his account throughout 2024.
Interestingly, Arora’s actions fall within a legal grey area, making it difficult to pursue legal action. The involvement of celebrities also implies that they could be legally responsible. As a result, neither the celebrities nor the victims have taken legal action against Arora so far.
<h2 style="text-align: justify" id="strong-pump-fun-s-record-growth-may-offer-new-opportunities-for-fraudsters-strong">Pump.fun’s Record Growth May Offer New Opportunities for Fraudsters</h2>
Meanwhile, the Pump.fun platform, where Arora’s fraudulent activities took place, has seen significant growth recently. In July, the platform set a record in contract revenues, earning a total of 28.73 million dollars. Additionally, the platform surpassed the daily revenues of the Ethereum Blockchain, earning 5.3 million dollars daily.
Currently, the platform is criticized for charging the initial altcoin creation fee to the first buyer, potentially opening doors for fraudsters. This situation raises concerns that it could further facilitate activities by individuals like Arora.
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/investor-sahil-arora-conducts-fraud-using-pump-fun-platform/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Investor Sahil Arora Conducts Fraud Using Pump.fun Platform</a></h5>
The post <a href="https://en.coin-turk.com/investor-sahil-arora-conducts-fraud-using-pump-fun-platform/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Investor Sahil Arora Conducts Fraud Using Pump.fun Platform</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

Investor Sahil Arora Conducts Fraud Using Pump.fun Platform

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