The suspension of Sahil Arora's account is linked to a series of allegations of screenshot doctoring, false claims of partnerships with popular media personalities and dubious projects.

The blogger took advantage of the lack of experience of celebrities and offered intermediary services to promote memecoins named after celebrities such as: actress Lindsay Lohan, musician Iggy Azalea, Olympic champion Caitlyn Jenner, boxer Floyd Mayweather ( Floyd Mayweather), music groups Rich the Kid and Offset. Subsequently, many of these celebrities publicly accused Sahil Arora of fraud and stealing investors' funds.

According to victims, the scammer most often used “pump and dump” tactics. He promoted memcoins only to sell at the peak in price, causing the value of the digital asset to plummet.

Earlier, Hong Kong authorities reported an increase in the attention of counterfeiters to cryptocurrency and recommended carefully checking banknotes received after crypto-exchange transactions.