Memecoin Phenomenon Earned $3 Million Using Celebrities' Names

One of the well-known names in the memecoin sector, Sahil Arora, may have earned approximately $3 million thanks to the tokens he launched.

Blockchain data platform Bubblemaps wrote that Arora may have earned $26.4 million since the beginning of this year.

However, researcher ZachXBT thinks this number is exaggerated. ZachXBT said, “There is no way Sahil earned $26 million, look at the liquidity in these coins.” According to the researcher, it is more likely that Arora earned $2-3 million.

According to ZachXBT, Bubblemaps actually evaluated the address of a cryptocurrency exchange as belonging to Sahil and therefore made an incorrect calculation.

Accused of fraud

Arora is accused of defrauding cryptocurrency investors through various methods. Among them are famous names.

Names such as Iggy Azalea, Caitlyn Jenner, and Rich the Kid accused Arora of committing fraud through memecoins that he promoted using his own brands.

According to the allegations, Arora issues tokens on behalf of celebrities, convinces them to promote these tokens, and promises them wealth. It is alleged that Arora then sold large amounts of tokens, reducing liquidity and lowering the price.

Cooperation allegations denied

Arora's personal account on X was closed on July 4th on the grounds that he violated the platform's rules.

Arora announced that he had collaborated with cryptocurrency exchange BingX the day before, but BingX denied this claim.

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