Ethereum

Arora

Solana

Million

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/investor-sahil-arora-executes-30-million-fraud-using-celebrities/" data-wpel-link="internal">Investor Sahil Arora Executes $30 Million Fraud Using Celebrities</a> 
In 2024, Dubai-based investor Sahil Arora made headlines for frauds using the <a href="https://en.coin-turk.com/solana-the-next-bull-run-and-the-potential-for-massive-growth/" data-wpel-link="internal">Solana</a> (SOL) based Pump.fun platform. Sahil Arora is accused of deceiving <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> by launching altcoins through celebrities and allegedly earning around $30 million in the process. 
<h2 style="text-align: justify" id="strong-exploits-legal-loophole-for-30-million-scam-using-celebrities-strong">Exploits Legal Loophole for $30 Million Scam Using Celebrities</h2> 
According to <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> compiled by Bubblemaps, Arora launched altcoins on the Pump.fun platform under the names of celebrities like Caitlyn Jenner, Floyd Mayweather, Amber Rose, Sunny Leone, and Iggy Azalea. He made deals with these celebrities to 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 identified that Arora executed 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 into a legal gray area, making it difficult to pursue legal action. Moreover, the involvement of celebrities implies they might also bear legal responsibility. Consequently, neither the celebrities nor the victims have taken legal steps against Arora so far. 
<h2 style="text-align: justify" id="strong-pump-fun-s-rapid-growth-may-offer-new-opportunities-for-fraudsters-strong">Pump.fun’s Rapid 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 reportedly broke records in contract revenues, earning a total of $28.73 million. Additionally, the platform surpassed the daily revenues of the Ethereum Blockchain, earning $5.3 million daily. 
Currently, the platform’s practice of charging the altcoin creation fee to the first buyer and opening doors for fraudsters is under criticism. This raises concerns that it might enable more activities like those of Arora. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/investor-sahil-arora-executes-30-million-fraud-using-celebrities/" data-wpel-link="internal">Investor Sahil Arora Executes $30 Million Fraud Using Celebrities</a></h5>
The post <a href="https://en.coin-turk.com/investor-sahil-arora-executes-30-million-fraud-using-celebrities/" data-wpel-link="internal">Investor Sahil Arora Executes $30 Million Fraud Using Celebrities</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Investor Sahil Arora Executes $30 Million Fraud Using Celebrities

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