Indian Developer Sahil Arora Profits $30 Million from Celebrity Tokens
Publication Time:2024-08-15 10:41:08
On August 15th, the blockchain data visualization platform Bubblemaps released an investigation report revealing Sahil Arora's astonishing actions from 2024, where he leveraged celebrity tokens to amass around $30 million as an Indian developer. Arora, residing in Dubai, was involved in token launches for several high-profile individuals such as Iggy Azalea and Caitlyn Jenner, but many of these projects ended in failure. By manipulating Pump.fun, a platform he operated, Arora used his Instagram influence and verified badge to persuade celebrities to promote token addresses on their tweets for high fees. His strategy involved holding 25-40% of the token supply, selling immediately after the celebrity tweets, and using the followers of the celebrities as points for liquidity exit. Bubblemaps tracked over 40 addresses related to Arora, showing that from the beginning of 2024 until now, he successfully cashed out about $26.4 million, with the highest cash-out amount in August reaching $6.6 million. Despite causing losses to numerous investors, the complexity of legal boundaries makes it difficult to hold Arora accountable. Even those celebrities involved have not taken formal action due to the responsibility they bear.
Blockchain
token issuance
celebrity effect
Investor Losses
Grey Area