How much did Sahil Arora make by creating celebrity-backed meme coins?

According to blockchain researcher ZachXBT, Sahil Arora, who has partnered with a number of high-profile celebrity-backed meme coins, made roughly $3 million this year.

This figure is in stark contrast to the $30 million profit estimate initially reported by blockchain data platform Bubblemaps.

Who is Sahil Arora?

Arora, an Indian entrepreneur now living in Dubai, gained notoriety for bringing celebrities like Floyd Mayweather, Caitlyn Jenner and Iggy Azalea into the crypto industry. Its digital asset journey began in 2017 with the launch of the Vuzelaa Group in India, which aimed to install Bitcoin ATMs worldwide.

Between 2020 and 2023, he started several crypto projects, including ZelaaPayAE and ZelaaNFT. Although these chips ultimately failed, he managed to turn a quick profit, according to Bubblemaps’ findings.

Arora’s strategy peaked with the launch of Pump.fun, where he leveraged his Instagram presence to entice celebrities to tweet about his listings for big payouts.

Pump.fun soon became the place where retail investors can create and trade meme coins. Arora offered Jason Derulo $200,000 to promote a token, using the star’s followers as exit liquidity by leaving their massive holdings after the promotion.

Legal gray area

Despite thousands of fans losing money, Arora’s actions remain in a legal gray area, complicating any potential legal action against him. Their method of leveraging celebrity endorsements to promote tokens and then quickly sell them has created a complex situation for legal action.

Bubblemaps claimed that even the celebrities involved are not taking legal action against it, in part because they share some responsibility for the failed listings. Their participation, often for large commissions, indirectly contributed to the financial losses suffered by investors. This shared responsibility complicates efforts to hold Arora accountable and limits the avenues available to those seeking restitution.

Arora’s verified X account, “@Habibi_Comm”, was suspended on July 4 due to violations of the platform’s rules. Despite this, he is suspected of having multiple accounts on X and has been directing his followers to a new account through his Telegram channel.

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