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Blockchain data analysis platform Bubblemaps disclosed the activities of Dubai-based entrepreneur Sahil Arora. Arora reportedly earned over $5 million by using his celebrity connections to promote memecoin projects. He allegedly manipulated market participants for personal gain by convincing stars like Floyd Mayweather, Caitlyn Jenner, and Iggy Azalea to support these memecoin projects.
Shocking Allegations About Famous Personality
Bubblemaps stated that Arora used a simple strategy. He held most of the token supply and sold his shares as soon as the celebrity endorsements increased their value. This approach allowed him to quickly make significant profits by taking advantage of the increased liquidity. The research report includes a revealing screenshot of an Instagram chat with singer Jason Derulo, where Arora offers $200,000 for a promotional tweet. This direct request exemplifies his method of engaging with celebrities.
Bubblemaps’ evidence claims that Arora controlled over 40 crypto addresses. He typically owned 25-40% of the total supply for each project. He then sold his assets through a primary address identified later in the investigation. This rapid sale model post-endorsement facilitated his substantial gains.
Details on the Matter
However, this analysis was not flawless. Blockchain detective ZachXBT identified errors in Bubblemaps’ initial report, noting that one of the addresses was actually linked to the Poloniex exchange. Consequently, Bubblemaps revised their figures, confirming Arora’s actual earnings to be around $5 million. Despite these allegations, Arora continues his activities. Bubblemaps shared the following statements on the matter:
“Every day, Pump Fun claims new celebrity connections and launches tokens. He buys 10 Solana (SOL) and sells them seconds after advertising on his Telegram for a quick profit.”
Legally, the situation remains in a gray area. No celebrity has taken action against Arora, likely due to their involvement in the promotions. Meanwhile, investors have faced financial losses. Another report reveals that over 30 celebrities have launched memecoin projects since June. Following these celebrity-endorsed launches, the value of memecoin projects has dropped by an average of 94%.
