Dubai-based investor Sahil Arora has orchestrated an alleged $30 million scam using the Solana-based Pump Fun platform. The scam involved launching celebrity tokens, only to inflate their value and dump them on unsuspecting investors.
Arora utilized Pump Fun, a memecoin platform on Solana, for his fraudulent activities. This classic pump-and-dump tactic misled many investors who hoped to profit from the celebrity tokens.
The incident raises concerns about the security and regulatory oversight of cryptocurrency platforms, especially those associated with high-profile personalities.
