SNEAK PEEK
- Sahil Arora profits $30M in 2024 through celebrity-backed crypto token schemes.
- Arora’s token schemes exploited celebrity influence, leaving fans with devalued assets.
- Legal action remains limited due to ambiguous regulations and celebrity involvement.
In a recent investigation by Bubblemaps, allegations have surfaced against Sahil Arora, a Dubai-based developer, who is accused of making approximately $30 million in 2024 by launching cryptocurrency tokens associated with various celebrities. The investigation shared on Bubblemaps’ X account claims that Arora capitalized on celebrity influence to generate profits, often at the expense of their followers.
1/ An investigation into Sahil, featuring unseen footage, who made $30M in 2024 by launching tokens for celebrities—most of which dumped to zero
↓ 🧵 pic.twitter.com/iSo1kFTSdO
— Bubblemaps (@bubblemaps) August 14, 2024
Arora, originally from India, first came to the world of cryptocurrency trading in 2017 by creating Vuzelaa Group PLC, a firm dedicated to installing Bitcoin ATMs internationally. But he shifted this tact and embarked on creating several crypto endeavors from 2020 to 2023, including ZelaaPayAE and ZelaaNFT. However, these projects did not work out. Arora is said to have made money from them, which got him fixated on more immediate yields.
In 2024, Arora changed his business model to target celebrities who have many followers on this site. They subsidized them a lot of money to use the platform to advertise a contract address of a fresh token. It is alleged that once the celebrity has retweeted the same, Arora is said to have dumped the most tokens he held, around 25%-40% of total token supply to the fans of the particular celebrities leaving them with low value tokens.
Celebrities linked to Arora’s token launches include notable names such as Floyd Mayweather, Caitlyn Jenner, Iggy Azalea, and Jason Derulo. Despite the financial losses incurred by many fans, legal action against Arora has been limited due to the ambiguous legal framework surrounding these activities.
Bubblemaps’ investigation traced over 40 cryptocurrency addresses connected to Arora, revealing a pattern of significant financial transactions throughout 2024. Arora reportedly off-ramped $26.4 million across various months, with the highest amounts recorded in January and August. Funds were typically funneled through multiple addresses before being deposited into centralized exchanges (CEX).
Arora continues to launch new tokens daily, using platforms like Pumpfun to attract attention. Despite the substantial financial losses incurred by thousands of fans, Arora’s actions remain legally challenging to prosecute, with even the involved celebrities not pursuing legal recourse due to their partial responsibility in the schemes.
