By Temitope Olatunji
Updated
3 min read
Sahil Arora is said to have made around $3 million from celebrity-backed meme coins this year. This figure contradicts earlier reports suggesting $30 million.
Blockchain investigator ZachXBT has revealed that Sahil Arora is estimated to have made around $3 million this year through his involvement in launching a number of celebrity-backed meme coins. The analysis made by ZachXBT contradicts an earlier report by blockchain data platform Bubblemaps that claimed Arora had netted $30 million from launching celebrity tokens.
While ZachXBT didn’t dispute Arora’s illegal dealings, they pointed out that the figures from Bubblemaps were inaccurate, saying that it is impossible for Arora to have made such figures and the most feasible he could have achieved is between $2 and $3 million.
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.
The Celeb meta also died off extremely quickly. pic.twitter.com/cFzMSVLLRg
— ZachXBT (@zachxbt) August 14, 2024
ZachXBT noted that Bubblemaps incorrectly added an address, which is an exchange hot wallet for Poloniex, to be part of Arora’s. The blockchain investigator proceeded by releasing the actual main deposit address of Arora, which has 6,700 SOL, worth around $1 million.
Sahil has been accused by different celebrities of perpetrating scams related to the meme coins he promoted using their brands. Celebrities who have fallen victim to his illicit activities include the likes of Mayweather, Caitlyn Jenner, Iggy Azalea, Jason Derulo, Amber Rose, Lil Pump, Davido, and others.
According to Bubblemaps, Sahil, who was born in India but is now based in Dubai, uses a pump-and-dump scheme. He would launch a token, sometimes without the knowledge of the celebrities, then convince them to promote the coins on their social media, promising financial rewards. He would then allegedly sell off his substantial holdings, removing liquidity and causing the token prices to plummet. It was reported that Sahil is not shy about his illicit activities, as he even shares the profit he makes openly on Telegram.
He also recently promoted a partnership with crypto exchange BingX, which the company has firmly denied, noting that they are not working with him.
Despite being called out for scams and fraudulent activities by some celebrities, Bubblemaps revealed that Sahil’s actions still fall within a legal gray area, making him difficult to sue. Celebrities could not go after him because they are also responsible in a way.
Arora’s main social media account, “@Habibi_Comm,” was banned on X on July 4 for violating the platform’s terms of service. However, it’s been reported that he has multiple X accounts, and he has since been seen directing followers to a new account on his Telegram channel.
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Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
