Arora

Solana

Dollars

Million

Dubai

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/dubai-investor-sahil-arora-conducts-fraud-using-solana-based-platform/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Dubai Investor Sahil Arora Conducts Fraud Using Solana-Based Platform</a> 
In 2024, Dubai-based investor Sahil Arora made headlines for frauds using the <a href="https://en.coin-turk.com/jupiters-record-trading-volume-and-airdrop-event/" 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 famous names and allegedly earning around 30 million dollars in the process.
<h2 style="text-align: justify" id="strong-exploiting-legal-loopholes-to-scam-30-million-dollars-using-celebrities-strong">Exploiting Legal Loopholes to Scam 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 under the names of celebrities like Caitlyn Jenner, Floyd Mayweather, Amber Rose, Sunny Leone, and Iggy Azalea on the Pump.fun platform. He made agreements 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 identified that Arora conducted this fraud using more than 40 different crypto wallet addresses. For each altcoin, Sahil held between 25% to 40% of the total supply, consolidated these coins into a main wallet, and then transferred them to centralized exchanges. Using this tactic, Sahil was found to have collected investors’ money and transferred it to his account throughout 2024.
Interestingly, Arora’s actions fall within a legal grey area, making legal pursuit challenging. Moreover, the involvement of celebrities implies they could also be legally responsible. Consequently, 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 Ethereum Blockchain in daily revenues, earning 5.3 million dollars per day.
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/dubai-investor-sahil-arora-conducts-fraud-using-solana-based-platform/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Dubai Investor Sahil Arora Conducts Fraud Using Solana-Based Platform</a></h5>
The post <a href="https://en.coin-turk.com/dubai-investor-sahil-arora-conducts-fraud-using-solana-based-platform/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Dubai 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>.

Dubai Investor Sahil Arora Conducts Fraud Using Solana-Based Platform

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