Sahil Arora, a name well known in the cryptocurrency world for his dubious projects, is once again in the spotlight. Arora has been accused of manipulating celebrity accounts to promote fraudulent memecoins. Platform X suspended his account after allegations that he used manipulated screenshots and fake conversations to deceive his victims.
Accusations against Sahil Arora
Manipulation and fraud
Sahil Arora was accused of creating memecoins under the names of celebrities such as Caitlyn Jenner, Iggy Azalea, and Rich The Kid, then organizing “pump and dumps” (artificially inflating the price before selling en masse). These actions not only tarnished the reputations of the celebrities involved, but also cost investors thousands of dollars.
Celebrity reaction
Both Caitlyn Jenner and Iggy Azalea have taken steps to distance themselves from Arora. Jenner clarified that her account had not been hacked, but that her team had been manipulated by Arora. For her part, Iggy Azalea denied any involvement with Arora and his memecoin project, claiming to have had only one phone conversation with him.
The consequences
Platform X suspended Arora’s account following the revelation of his fraudulent activities. His attempts to justify himself at various Twitter Spaces only served to reinforce the accusations against him. Arora is now under investigation for its dubious practices in the memecoin world.
Conclusion
The Sahil Arora case highlights the risks associated with memecoins and the need for investors to be vigilant. The celebrities involved are seeking to dissociate themselves from these fraudulent projects to protect their reputation and that of their brands.
