Dubai Entrepreneur Pays Celebrities to Promote Crypto

Todaysgist, News – Blockchain data analysis platform Bubblemaps has uncovered the activities of Dubai-based entrepreneur Sahil Arora, who allegedly raised more than USD 5 million or equivalent to IDR 78.8 billion (assuming an exchange rate of IDR 15,773 per US dollar) by leveraging celebrity endorsements to promote memecoin projects.

Reported from CoinmarketcapFriday (6/9/2024), the report showed that he manipulated market players for personal gain, using the influence of figures or artists such as Floyd Mayweather, Caitlyn Jenner, and Iggy Azalea to boost these projects.

Bubblemaps reveals Arora’s strategy is simple yet effective. By holding a large portion of the token supply, he can sell his shares for a huge profit after celebrity endorsements increase the token’s value.

A screenshot of an Instagram chat with Jason Derulo, in which Arora offered $200,000 for a promotional tweet, underscores his hands-on approach to engaging celebrities.

Further data shows Arora controls over 40 crypto addresses. He typically owns 25-40% of the total supply for each project, selling his assets through a master address that is later identified. This rapid post-validation sales model facilitates his massive financial gains.

However, Bubblemaps’ investigation was not without its flaws. Blockchain sleuth ZachXBT pointed out errors in the initial report, specifically noting that one address was linked to the Poloniex exchange.

This prompted Bubblemaps to revise their figures, confirming Arora’s earnings were indeed around $5 million. Despite this revelation, Arora continued his activities without any control.

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