JAKARTA - Sahil Arora, a crypto influencer known for often promoting meme coins, is now in the spotlight for allegations of fraud related to fake crypto projects. These projects are involved in a pull shop and exit scam scheme, which harms many investors.
According to CoinSpeaker information, Aora allegedly made fake conversations with celebrities to promote fraudulent tokens. He uses fake partnerships with popular figures, creating the impression that celebrities support certain meme coins, when in fact Aora is the owner. In some cases, Aora connects projects with celebrities at certain costs without verifying the authenticity of the project.
Celebrity And Impact Involvement
Arora launched several meme coins that took the theme of well-known celebrities, including Australian musician Iggy Azalea, Olympian Caitlyn Jenner, American rapper Rich the Kid, and hip-hop Offset artist. Initially, it appeared that these celebrities supported the use of their names and brands to create hype. However, after the allegations of fraud emerged, they immediately moved away from Aora.
Iggy Azalea has even launched her own project, signaling a destination from Aora. Caitlyn Jenner also claims that she has been tricked by Aora, as has Rich the Kid, who accuses Arora of abusing their names to promote potentially harmful meme coins.
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Offset Involvement
The American rapper, Offset, signed a deal with Aora to promote the meme coin project associated with it. Arora acted as an intermediary between Offset and the project, with a payment deal of 20,000 US Dollars (approximately IDR 325 million). However, the problem arose when Offset reported that it had never received 20,000 US Dollars which it claimed had been sent by the project to the address provided by Aora. This dispute led to the blocking of the project from its second social media profile.
On June 4, Offset clarified on platform X that he had no relationship with Arora, despite a screenshot obtained by Cointelegraph showing otherwise. The unnamed meme coin project, based on the Solana (SOL) ecosystem, also confirmed that Arora had linked them to the Offset earlier this year.
Despite facing charges of fraud, Arora continues to promote meme coins through her backup account. He directed his followers on Telegram to follow other accounts on platform X.
The Arora case raises questions about the effectiveness of social media bans and challenges in regulating crypto promotions. With the increasing number of cases of fraud in the crypto world, regulators and social media platforms need to step up efforts to protect investors from this kind of fraudulent scheme.
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