Ethereum

Arora

Solana

Million

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/investor-sahil-arora-scams-30-million-using-celebrity-altcoins/" data-wpel-link="internal">Investor Sahil Arora Scams $30 Million Using Celebrity Altcoins</a> 
In 2024, Dubai-based investor Sahil Arora gained attention for scams using the <a href="https://en.coin-turk.com/solana-continues-its-unstoppable-price-rally-dont-miss-out-on-the-opportunity/" 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 under celebrity names, allegedly earning around $30 million in the process. 
<h2 style="text-align: justify" id="strong-exploiting-legal-loopholes-to-scam-30-million-using-celebrities-strong">Exploiting Legal Loopholes to Scam $30 Million 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 secured agreements with these celebrities to share the contract addresses of these altcoins on social media for large payments. However, Sahil sold most of these altcoins immediately after the celebrities tweeted about them 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 conducted this scam using more than 40 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. Moreover, the involvement of celebrities means they could also be held 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-scammers-strong">Pump.fun’s Record Growth May Offer New Opportunities for Scammers</h2> 
Meanwhile, the Pump.fun platform, where Arora’s scams took place, has seen significant growth recently. In July, the platform set a record for 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 initial altcoin creation fee to the first buyer and opening doors for scammers is under criticism. This raises concerns that it may 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-scams-30-million-using-celebrity-altcoins/" data-wpel-link="internal">Investor Sahil Arora Scams $30 Million Using Celebrity Altcoins</a></h5>
The post <a href="https://en.coin-turk.com/investor-sahil-arora-scams-30-million-using-celebrity-altcoins/" data-wpel-link="internal">Investor Sahil Arora Scams $30 Million Using Celebrity Altcoins</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Investor Sahil Arora Scams $30 Million Using Celebrity Altcoins

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