TL;DR
- Celebrity Tokens and Alleged Dumping: Sahil Arora has launched numerous celebrity tokens on the Solana blockchain, allegedly using his follower base to attract celebrities and then dumping the tokens for profit, resulting in many tokens plummeting to zero value.
- Bubblemaps’ Findings: The report claims Sahil has earned over $30 million by holding significant portions of token supplies and using celebrity endorsements as exit liquidity. Over 40 crypto addresses linked to him were identified, with substantial profits in 2024.
- ZachXBT’s Counterclaims: On-chain investigator ZachXBT disputes the profit figures, estimating Sahil’s earnings to be between $2-$3 million. He criticized Bubblemaps for inaccuracies, including misidentifying a Poloniex hot wallet as Sahil’s address.
Bubblemaps, a blockchain data provider, has published an in-depth investigative report focusing on Sahil Arora, known for his repeated ventures in launching and developing meme coins. According to the report, Sahil has amassed over $30 million by launching celebrity tokens on the Solana blockchain. However, this claim has sparked controversy, with on-chain investigator ZachXBT disputing the figures.
1/ An investigation into Sahil, featuring unseen footage, who made $30M in 2024 by launching tokens for celebrities—most of which dumped to zero
↓ 🧵 pic.twitter.com/iSo1kFTSdO
— Bubblemaps (@bubblemaps) August 14, 2024
Celebrity Tokens and Alleged Dumping
Bubblemaps’ investigation reveals that Sahil has launched tokens for numerous celebrities, many of which have plummeted to zero value. Residing in India, Sahil reportedly leveraged his substantial follower base to attract celebrities into the crypto space.
Notable figures for whom he has issued tokens include Floyd Mayweather, Caitlyn Jenner, Iggy Azalea, Jason Derulo, Amber Rose, Lil Pump, Davido, Sunny Leone, Bobbi Althoff, and Trippie Redd.
Bubblemaps: A Pattern of Dumping
The report alleges that Sahil used platforms like pump.fun and his extensive Instagram following to direct message celebrities, offering them large payments in exchange for tweeting the contract address of the token. Bubblemaps claims that Sahil would dump the tokens as soon as the tweets went live, owning nearly all the supply and using the celebrity audience as exit liquidity.
Bubblemaps identified over 40 crypto addresses linked to Sahil, with him holding between 25-40% of the supply in one address and transferring the SOL after the token sale to a main address. The report highlights that 2024 has been particularly profitable for Sahil, with earnings of $26.4 million up to August.
ZachXBT’s Counterclaims
On-chain sleuth ZachXBT quickly responded to the report, disputing the profit numbers. He tweeted, “Sorry the math for this seems incorrect there is no way Sahil made $26M check the liquidity on these coins.” ZachXBT estimated that Sahil’s earnings were less than $5 million, likely between $2-$3 million.
He pointed out that Bubblemaps mistakenly counted a Poloniex hot wallet address as Sahil’s. ZachXBT also criticized Bubblemaps for not correcting their report despite being proven wrong.
The Rise of Celebrity Meme Coins
This report comes amid the growing popularity of celebrity meme coins in 2024. As Solana-based meme coins gain traction, the trend of celebrity-endorsed tokens has also risen, often resulting in pump-and-dump schemes. The controversy surrounding Sahil Arora underscores the need for greater scrutiny and transparency in the crypto space.
