Outside Source
Sahil Arora, who has been associated with a series of high-profile celebrity-backed meme coins, reportedly netted approximately $3 million this year, according to blockchain investigator ZachXBT.
This figure starkly contrasts with the $30 million earnings estimate initially reported by blockchain data platform Bubblemaps.
Who Is Sahil Arora?
Arora, an Indian entrepreneur now living in Dubai, gained notoriety for onboarding celebrities like Floyd Mayweather, Caitlyn Jenner, and Iggy Azalea into the crypto industry. His digital asset journey began in 2017 with the launch of Vuzelaa Group in India, which aimed to install Bitcoin ATMs across the world.
Between 2020 and 2023, he initiated several crypto projects, such as ZelaaPayAE and ZelaaNFT. While these tokens ultimately failed, he managed to rake in quick profits, according to Bubblemaps’ findings.
Arora’s strategy peaked with the launch of Pump.fun, where he leveraged his Instagram presence to entice celebrities into tweeting about his tokens for hefty payments.
Pump.fun soon became the go-to place for retail investors to create and trade meme coins. Arora famously offered Jason Derulo $200k to promote a token, using the star’s followers as exit liquidity by dumping his massive holdings post-promotion.
Legal Gray Area
Despite thousands of fans losing money, Arora’s actions remain in a legal gray area, complicating any potential legal actions against him. His method of leveraging celebrity endorsements to promote tokens and then rapidly selling them off has created a complex situation for legal action.
Bubblemaps stated that even the celebrities involved are not taking legal steps against him, partly because they share some responsibility for the failed tokens. Their participation, often for significant fees, indirectly contributed to the financial losses faced by investors. This shared responsibility complicates efforts to hold Arora accountable and limits the avenues available for those seeking restitution.
Arora’s verified X account, “@Habibi_Comm,” was suspended on July 4 due to violations of the platform’s rules. Despite this, he is suspected of having several accounts on X and has been directing his followers to a new account via his Telegram channel.
This article first appeared at CryptoPotato
