According to ChainCatcher, blockchain data visualization platform Bubblemaps released an investigative report, revealing that Indian developer Sahil Arora made about $30 million by issuing tokens for celebrities in 2024. The report pointed out that Arora had issued tokens for Iggy Azalea, Caitlyn Jenner, etc., but most of the projects eventually returned to zero.

Arora, who operated through the Pump.fun platform, used Instagram influencers and verification badges to convince celebrities to tweet about the token address for a high fee. He typically held 25-40% of the token supply and sold it immediately after the celebrity tweeted.

Bubblemaps found more than 40 addresses associated with Arora. Since the beginning of 2024, he has cashed out about $26.4 million, with the highest amount of cashing out in August, reaching $6.6 million. Despite causing a large number of investor losses, Arora's behavior is in a legal gray area and difficult to pursue.