Serial Scammer Sahil Arora Tangles with Celebrities in Controversial Memecoin Ventures
Summary:
Australian musician Iggy Azalea's name was used by Sahil Arora for a celebrity memecoin that raised over $300,000 in a token presale. Azalea distanced herself from this venture, stating her goal was to create a legitimate coin with utility. Arora, reportedly a serial scammer, has been involved with a series of celebrity memecoin projects and is accused of running scams, including Avalanche-based rug pulls. Previously, American rapper "Rich the Kid" and Olympic medalist Caitlyn Jenner accused him of fraudulent activities. Despite the allegations, Arora denies the accusations.
A celebrity-themed memecoin, the brainchild of the alleged frequent fraudster Sahil Arora, has accumulated over $300,000 through a token presale. The token bears the name of Australian music icon Iggy Azalea. Messages from Azalea's X account made it clear the musician was no part of Arora's presale, all the while acknowledging that a cryptocurrency endeavour was in the works. Azalea affirmed that, though she was invested in the design of a legitimate, utility-bearing coin, Arora had gone ahead and created a questionable presale on his own.
Known for her musical prowess, Azalea exited the Twitter platform last year to avoid negativity. In 2015, she took a break from active engagement on the social media platform.
Arora's memecoin creations have seen an influx of famous personalities, including Azalea, whose brands he associates with to bolster his projects. American rapper Dimitri Leslie Roger, known as "Rich the Kid", previously accused Arora of infiltrating his X account to plug the freshly released "RICH" token. Additionally, Olympic medal winner Caitlyn Jenner holds Arora responsible for defrauding her during her token launch, which garnered over $40 million in market capitalization after its debut on May 27.
Recently, there has been an upsurge in public focus on Arora due to his alleged illicit activities, especially regarding his celebrity memecoin ventures. Detractors accuse him of numerous scams, like the Avalanche-based rug pulls, allegedly profiting from pilfered fees.
User comments on a Telegram channel refer to one of his token launch campaigns as a rug pull, an exit scam commonly seen in the memecoin industry. An anonymous investor shared that liquidity was pulled out within five minutes of launch, dubbing it an alleged rug pull. Arora, however, rejects these accusations, attributing losses to poor timing on the part of investors.
Arora, a dropout from Pathways School, has been involved in varied ventures, from taxi applications to payment projects like ZelaaPayAE and the influencer platform Habibi. This protean entrepreneur was once accused by Vijay Shekhar Sharma, creator of Indian payment behemoth PayTM, of identity theft.
Published At
5/28/2024 2:53:33 PM
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