What Happened?
Recently, meme coin creator Sahil Arora revealed in a media interview that he profited millions of dollars through over a hundred “rug pull” scams involving meme coins, even claiming it to be “the easiest way to make money.”
Foreign media analysis indicates that the high success rate of rug pulls is related to the amplifying effect of social media. Many “finfluencers” flaunt their wealth on TikTok and Instagram, creating the illusion that quick riches can be attained through investment, leading young people to mistakenly believe they can participate.
Meme Coin Creator Claims “Rug Pull” is Easiest Way to Make Money
Recently, Sahil Arora, a meme coin creator from India living in Dubai, stated in an interview with the New York Post that “the easiest way to make money” is to launch a meme coin, hype it up, and then quickly sell as soon as profits appear. He claimed to have made millions from over 100 rug pull operations and described this scam technique as “the biggest casino on Earth.”
Creating a cryptocurrency with no real value and then promoting it through false or paid endorsements, when the price rises due to an influx of investors, allows the creator to sell off their holdings in large quantities. Since they often control a significant portion of the circulating tokens, selling will cause the coin’s value to plummet, resulting in losses for investors. This is a typical “rug pull” operation and constitutes a form of fraud.
According to on-chain detective ZachXBT’s estimates, Arora profited approximately $2 to $3 million from his rug pulls. Arora even remarked, “If you’re not being rugged by me, you might be rugged by someone else, so why not let someone with experience rug you?”
Veteran crypto investor Kyle Chassé commented that this meme coin market resembles an unfair gamble; in a real casino, the house wins about 60% of the time, but in this crypto casino, the house’s winning probability is 99%.
The “Get Rich Quick” Fantasy on Social Media Leads to Deception
Last year, several celebrities accused Arora of conducting rug pull scams involving meme coins associated with them, including former Olympic athlete Caitlyn Jenner, American rapper Rich the Kid, and Australian artist Iggy Azalea.
Furthermore, in February 2025, he launched another meme coin named “BROCCOLI,” inspired by Binance’s former CEO Zhao Changpeng’s (CZ) pet. He even used the same wallet address as the one used for the Jenner meme coin launched in 2024 and confessed to the media outlet Decrypt that he profited as much as $6.5 million by selling BROCCOLI coins.
Foreign media pointed out that these seemingly absurd scams manage to successfully deceive investors mainly due to the “get rich quick” fantasy prevalent on social media. Especially on TikTok and Instagram, a slew of crypto “finfluencers” wildly showcase luxury cars and private jets, conveying the message that “if you follow my lead, you too can live this lifestyle,” successfully attracting a large number of young investors.
Chassé advises investors to remain vigilant at all times, to critically assess the wealth flaunting by influencers, and to consider “where their money comes from.” Additionally, any investment opportunity claiming “quick riches” should also be approached with caution.
Source: CryptoSlate, New York Post