Ethereum

Arora

Solana

Million

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/investor-uses-pump-fun-platform-for-30-million-fraud/" data-wpel-link="internal">Investor Uses Pump.fun Platform for $30 Million Fraud</a> 
In 2024, Dubai-based investor Sahil Arora made headlines for frauds using the <a href="https://en.coin-turk.com/solana-sol-announces-major-update-will-price-increase/" 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 famous names and earning approximately $30 million in the process. 
<h2 style="text-align: justify" id="strong-exploiting-legal-loopholes-to-make-30-million-using-celebrities-strong">Exploiting Legal Loopholes to Make $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 made deals with these celebrities to share the contract addresses of these altcoins on social media in exchange 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 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 investors’ money and transfer it to his own account throughout 2024. 
Interestingly, Arora’s actions fall within a legal gray area, making it difficult to pursue legal action against him. Moreover, the involvement of celebrities means they could also 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. 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 opening doors for fraudsters 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-uses-pump-fun-platform-for-30-million-fraud/" data-wpel-link="internal">Investor Uses Pump.fun Platform for $30 Million Fraud</a></h5>
The post <a href="https://en.coin-turk.com/investor-uses-pump-fun-platform-for-30-million-fraud/" data-wpel-link="internal">Investor Uses Pump.fun Platform for $30 Million Fraud</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Investor Uses Pump.fun Platform for $30 Million Fraud

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