Dubai-Based Sahil Arora Allegedly Runs $30M Celebrity Crypto Scams
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: Aug 15 2024Pump-and-Dump Scheme: Dubai investor Sahil Arora allegedly executed a $30 million pump-and-dump scheme involving celebrity tokens on the Solana-based platform Pump Fun, leveraging high-profile endorsements to inflate token prices before selling off his holdings.
Regulatory Concerns: The incident has raised alarms about the need for regulation in cryptocurrency and the risks associated with celebrity endorsements, as many investors suffered losses and legal action against Arora may be complicated due to the ambiguous nature of his actions.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
