The Dubai investor created and promoted these tokens with the help of celebrities like Caitlyn Jenner and Floyd Mayweather.
According to reports, Sahil Arora, a Dubai investor has been using the platform Pump Fun, which is based in Solana, to create celebrity tokens. According to these reports, he has defrauded investors of an astounding thirty million dollars.
Through the distribution of celebrity tokens on the Solana memecoin platform, it has been reported that Arora successfully executed a conventional pump-and-dump scheme.
Dubai Investor Crypto Pump and Dump Scam on Pump Fun
According to Bubblemaps data, the Dubai investor has made an astounding thirty million dollars so far in 2024 through the launch of celebrity tokens. After the debut, the majority of these tokens have depreciated to zero.
Caitlyn Jenner, Floyd Mayweather, Amber Rose, Suny Leone, Iggy Azalea and other celebrities were reportedly among the recipients of tokens that were distributed by an investor headquartered in Dubai through the Pump Fun platform.
Bubblemaps’ information indicates that the Dubai investor used Pump Fun as a launchpad, leveraging his extensive Instagram audience of 1.5 million users. Sahil communicated with celebrities in an effort to strike a deal in which he would provide them with a substantial reward in exchange for tweeting the coin contract address.
According to Bubblemaps, Sahil would control a significant portion of the token supply. Simultaneously, he would sell off his holdings following promotional tweets from celebrities, leveraging their audience as a liquidity exit.
It is interesting to note that Sahil was also publicly sharing the income he had made by using these strategies. Bubblemaps has discovered over forty cryptocurrency wallet addresses related to Sahil.
According to reports, Sahil acquired between 25 and 40 percent of each token’s total supply across a number of different addresses before combining and selling the tokens.
After some time, he transferred the money to a primary wallet named 7Ci23i82. Sahil frequently transferred the monies to centralized exchanges (CEX) from this primary wallet.
Bubblemaps has disseminated information about how Sahil was able to successfully steal money from investors in 2024. Bubblemaps made an interesting addition, stating, “Despite the fact that thousands of fans have lost money, Sahil’s actions fall into a legal gray area, making it difficult to pursue them.
Even celebrities are not going after him because they all share some of the blame for his actions. Pump Fun, a Solana-based platform for memecoin generation, has reached a new milestone with the income from monthly agreements.
Over the course of the month of July, the platform generated an unprecedented amount of agreement income over the course of July, which amounted to $28.73 million.
Solana-based Memecoin Platform Sees Record Growth
Moreover, amidst the surge in interest in memecoins, it outperformed the Ethereum blockchain in terms of daily earnings over the previous month. Additionally, earlier this week, it brought in a record-breaking $5.3 million in cash from daily fees.
In the most recent turn of events, the Solana memecoin platform eliminated the $2 price that was previously required for token generation, effectively shifting this expense to the initial purchaser.
To put it simply, this has resulted in a surge in the production of tokens, as well as complaints from consumers.
Additionally, it has the potential to provide erroneous encouragement to other individuals, such as Sahil Arora, in the process of producing their tokens and deceiving legitimate investors.
In May, a hacker was able to steal two million dollars from the Solana memecoin network, demonstrating that the site has been vulnerable to crypto theft.
