1 month ago
Dubai-based Indian memecoin creator, Sahil Arora, called memecoin rug propulsion schemes the astir lucrative accidental successful an interrogation with the New York Post. According to the May 17 article, Arora, who boasts of earning millions of dollars from implicit 100 memecoin rug pulls, said:
“The easiest mode to marque wealth is to deploy a meme coin, tally it, and past merchantability arsenic soon arsenic you spot [profits].”
In rug pulls oregon pump-and-dump schemes, atrocious actors make a worthless memecoin, usage mendacious oregon paid endorsements to beforehand it, and merchantability it arsenic soon arsenic the terms goes up. The creators usually power a ample information of the tokens, and selling disconnected the heap causes the terms to crash.
Therefore, investors carnivore the losses portion the creator makes disconnected with millions. In August 2024, crypto sleuth ZachXBT estimated that Arora earned betwixt $2 cardinal and $3 cardinal done memecoin scams.
Last year, Arora told The Defiant that it “took a lotta encephalon pulling that [rug pulls] off.” Arora, who is arrogant to person been called a “super villain,” brazenly told the Post that rug pulling is the “biggest casino connected Earth close now.”
Veteran crypto capitalist Kyle Chassé told the Post:
“…at slightest successful the casino, you cognize that possibly 60 percent of the clip the location wins. In this [crypto] casino, the location is going to triumph 99 percent of the time.”
Arora added:
“If you don’t get rugged by me, you’re astir apt going to get rugged by idiosyncratic else. So, you mightiness arsenic good get rugged by a idiosyncratic with a way grounds of immoderate occurrence alternatively than getting rugged by a random idiosyncratic connected the Internet.”
Arora continues to transportation retired memecoin rug pulls
Last year, respective celebrities accused Arora of utilizing memecoins connected to them to orchestrate and propulsion disconnected pump-and-dump scams. This included erstwhile Olympian Caitlyn Jenner, Dimitri Leslie Roger, an American rapper known arsenic Rich the Kid, and Australian rapper Iggy Azalea.
Despite the accusations and Arora’s non-denial of involvement, helium managed to propulsion disconnected much rug pulls. In February 2025, Arora, who portrays a lavish manner from wealth earned done rug pulls, launched the token BROCCOLI, an ode to erstwhile Binance CEO Changpeng Zhao (CZ’s) dog, utilizing the aforesaid wallet helium utilized to motorboat Jenner’s authoritative memecoin successful 2024. Arora told Decrypt that helium made $6.5 cardinal by dumping Brocolli tokens.
Pseudonymous crypto advisor Cryptony told the Post that the terms of memecoins similar Brocolli lone goes up due to the fact that of ample request aft endorsements oregon promotions. He added:
“[In rug pulls] The affluent get richer. For 1 idiosyncratic to marque money, different idiosyncratic has to suffer money. That’s wherever it comes from.”
Arora is 1 of many
Several influencers person been accused of promoting memecoins that clang successful value. This includes YouTuber Paul “Ice Poseidon” Denino, Faze Kay, and Haliey “Hawk Tuah Girl” Welch.
Denino reportedly emptied retired the liquidity excavation of his memecoin 2 weeks aft launch. He admitted to stealing the wealth from investors, with his full loot lasting astatine astir $750,000.
Faze Kay was accused of promoting a token called Save the Kids that crashed. Welch, whose memecoin HAWK mislaid 95% of its worth successful minutes, however, was cleared by the U.S. Securities and Exchange Commission (SEC) of immoderate wrongdoing, according to her manager.
The station Creator of implicit 100 memecoins says rug pulls are the ‘easiest mode to marque money’ appeared archetypal connected CryptoSlate.
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