Memecoin ‘mastermind’ Sahil likely made $3M from ‘Celeb meta’ — ZachXBT

Celebrity memecoin promoter Sahil Arora netted roughly $3 million this year from launching a deluge of celebrity memecoins, according to independent blockchain sleuth ZachXBT. 

In an Aug. 14 post to X, ZachXBT claimed figures originally posted by blockchain data platform Bubblemaps had overestimated Arora’s earnings, claiming that he made $30 million from launching celebrity tokens.

“Sorry the math for this seems incorrect there is no way Sahil made $26M check the liquidity on these coins. Would estimate he made <$5M at most and likely only $2-3M,” wrote ZachXBT.

Pointing out Bubblemaps’ apparent error, ZachXBT said the data platform had incorrectly flagged a wallet address at the crypto exchange Poloniex as one of Arora’s personal wallets, artificially inflating the total sum.

Arora has been accused of perpetrating social engineering scams and other types of fraudulent activity by a wide range of different people, including celebrities and crypto industry players.

Australian rapper Iggy Azalea, Olympian Caitlyn Jenner and American rapper Rich the Kid (Dimitri Leslie Roger) have all publicly accused Arora of scams related to memecoins promoted using their brand.

Arora allegedly played the role of middleman, launching tokens on behalf of celebrities — sometimes without their knowledge — before convincing them to use their social media to promote the tokens by promising riches.

He would then allegedly sell off his own significant holdings, removing liquidity, sending the price of the token plummeting.

Related: Celebrity memecoins highlight crypto’s influencer problem

Arora’s official social media account, “@Habibi_Comm,” was banned on X on July 4 after the platform found that Arora had violated its terms and conditions.

On July 3, Arora promoted a partnership with crypto exchange BingX on June 3, an association that the cryptocurrency exchange denied.

“We’re not working with him,” a BingX spokesperson told Cointelegraph.

Arora then promoted another celebrity memecoin project, this time based on Offset (Kiari Kendrell Cephus), an American hip hop artist who has also now accused Arora of fraud.

Despite the ban, Arora is believed to have multiple accounts on X and has been seen directing followers to a new account on his Telegram channel.

Magazine: How crypto bots are ruining crypto — including auto memecoin rug pulls