Dubai-based Indian memecoin creator, Sahil Arora, known as memecoin rug pull schemes essentially the most profitable alternative in an interview with the New York Put up. In accordance with the Could 17 article, Arora, who boasts of incomes tens of millions of {dollars} from over 100 memecoin rug pulls, stated:
“The simplest option to generate profits is to deploy a meme coin, run it, after which promote as quickly as you see [profits].”
In rug pulls or pump-and-dump schemes, unhealthy actors create a nugatory memecoin, use false or paid endorsements to advertise, and promote it as quickly as the worth goes up. The creators often management a big portion of the tokens, and promoting off the pile causes the worth to crash.
Due to this fact, traders bear the losses whereas the creator makes off with tens of millions. In August 2024, crypto sleuth ZachXBT estimated that Arora earned between $2 million and $3 million by way of memecoin scams.
Final 12 months, Arora instructed The Defiant that it “took a lotta mind pulling that [rug pulls] off.” Arora, who’s proud to have been known as a “tremendous villain,” openly instructed the Put up that rug pulling is the “largest on line casino on Earth proper now.”
Veteran crypto investor Kyle Chassé instructed the Put up:
“…at the least within the on line casino, you understand that perhaps 60 % of the time the home wins. On this [crypto] on line casino, the home goes to win 99 % of the time.”
Arora added:
“In the event you don’t get rugged by me, you’re in all probability going to get rugged by another person. So, you would possibly as nicely get rugged by an individual with a observe document of some success fairly than getting rugged by a random individual on the Web.”
Arora continues to hold out memecoin rug pulls
Final 12 months, a number of celebrities accused Arora of utilizing memecoins linked to them to orchestrate and pull off pump-and-dump scams. This included former Olympian Caitlyn Jenner, Dimitri Leslie Roger, an American rapper generally known as Wealthy the Child, and Australian rapper Iggy Azalea.
Regardless of the accusations and Arora’s non-denial of involvement, he managed to drag off extra rug pulls. In February 2025, Arora, who portrays a lavish way of life from cash earned by way of rug pulls, launched the token BROCCOLI, an ode to former Binance CEO Changpeng Zhao (CZ’s) canine, utilizing the identical pockets he used to launch Jenner’s official memecoin in 2024. Arora instructed Decrypt that he made $6.5 million by dumping Brocolli tokens.
Pseudonymous crypto advisor Cryptony instructed the Put up that the worth of memecoins like Brocolli solely goes up due to massive demand after endorsements or promotions. He added:
“[In rug pulls] The wealthy get richer. For one individual to generate profits, one other individual has to lose cash. That’s the place it comes from.”
Arora is certainly one of many
A number of influencers have been accused of selling memecoins that crash in worth. This consists of YouTuber Paul “Ice Poseidon” Denino, Faze Kay, and Haliey “Hawk Tuah Lady” Welch.
Denino reportedly emptied out the liquidity pool of his memecoin two weeks after launch. He admitted to stealing the cash from traders, along with his complete loot standing at round $750,000.
Faze Kay was accused of selling a token known as Save the Children that crashed. Welch, whose memecoin HAWK misplaced 95% of its worth in minutes, nevertheless, was cleared by the U.S. Securities and Trade Fee (SEC) of any wrongdoing, in line with her supervisor.
