Ethereum

Arora

Solana

Million

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/investor-sahil-arora-conducts-fraud-using-solana-based-platform-2/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Investor Sahil Arora Conducts Fraud Using Solana-Based Platform</a> 
In 2024, Dubai-based investor Sahil Arora made headlines for his fraudulent activities using the <a href="https://en.coin-turk.com/bold-prediction-for-solanas-market-value-by-crypto-hedge-fund-ceo/" 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 launching altcoins under celebrity names, allegedly amassing around $30 million in the process.
<h2 style="text-align: justify" id="strong-exploiting-legal-loopholes-to-defraud-30-million-using-celebrities-strong">Exploiting Legal Loopholes to Defraud $30 Million 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 under the names of celebrities such as 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 in exchange for large payments. However, Sahil sold off 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 more than 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 and transfer investors’ funds to his own account throughout 2024.
Interestingly, Arora’s actions fall within a legal gray area, making it difficult to pursue legal action. The involvement of celebrities also implies that they could be held legally accountable. As a result, 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 experienced significant growth recently. In July, the platform set a record in contract revenues, generating a total of $28.73 million. Additionally, the platform surpassed the Ethereum Blockchain in daily revenues, earning $5.3 million daily.
Currently, the platform’s practice of charging the initial buyer for altcoin creation and potentially opening doors for fraudsters is under criticism. This raises concerns that it could facilitate more 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-solana-based-platform-2/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Investor Sahil Arora Conducts Fraud Using Solana-Based Platform</a></h5>
The post <a href="https://en.coin-turk.com/investor-sahil-arora-conducts-fraud-using-solana-based-platform-2/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Investor Sahil Arora Conducts Fraud Using Solana-Based 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 Solana-Based Platform

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