Blockchain investigator ZachXBT reports that celebrity memecoin promoter Sahil Arora has earned nearly $3m this year by creating numerous celebrity memecoins.
It’s anticipated that Sahil Arora’s attempts to launch memecoins with celebrities this year brought in about $3 million.
ZachXBT stated that Sahil’s earnings were overstated in a post on August 14 to X, referencing figures that blockchain data company Bubblemaps first published. He claimed that Arora made $30 million by launching celebrity tokens.
I apologize for the wrong calculation; Sahil Arora could not have profited $26 million by checking the currencies’ liquidity. ZachXBT commented, “I would estimate he made <$5M at most and probably only $2-3M.”
ZachXBT drew attention to what appeared to be a mistake on Bubblemaps, claiming that the data platform had mistakenly identified a wallet address at the cryptocurrency exchange Poloniex as one of Arora’s wallets, boosting the total amount.
Many different people, including celebrities and prominent figures in the cryptocurrency business, have accused Arora of engaging in social engineering scams and other fraudulent activities.
American rapper Rich the Kid (Dimitri Leslie Roger), Olympian Caitlyn Jenner, and Australian rapper Iggy Azalea have all openly accused Arora of running memecoin frauds that utilize their names.
Allegedly acting as a middleman, Arora launched tokens on behalf of celebrities, sometimes without their knowledge, and then used wealth promises to get them to utilize their social media platforms to advertise the tokens.
The token price would supposedly drop because he purportedly sold off a sizable portion of his holdings, eliminating liquidity.
On July 4, X banned Arora’s official social media account, “@Habibi_Comm,” for violating the platform’s terms and conditions.
Arora announced a collaboration with cryptocurrency exchange BingX on July 3; the exchange refuted the association on June 3.
A representative for BingX said: “We’re not working with him.”
Next, Arora advertised a second celebrity memecoin project centered around American hip-hop singer Offset (Kiari Kendrell Cephus), who has since accused Arora of fraud.
Arora has been observed pointing followers to a new account on his Telegram channel, and it is suspected that he maintains many accounts on X despite the ban.
