What happened?
Meme coin creator Sahil Arora recently revealed in a media interview that he made millions through over a hundred meme coin rug pull scams, even calling it 'the easiest way to make money.'
Foreign media analysis indicates that the high success rate of rug pulls is related to the amplification by social media. Numerous 'financial influencers' flaunt their wealth on TikTok and Instagram, creating the illusion that one can get rich quickly by investing, leading young people to be misled into entering the market.
The creator of the meme coin stated that 'rug pulling' is the 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 sell it as soon as there is a profit.
He claimed to have made millions of dollars through over 100 'rug pull' operations with meme coins, describing 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, the founder sells off a large amount of coins. Since they often control most of the circulating tokens, once sold, it leads to a collapse in coin price, causing losses for investors, which is a typical 'rug pull' operation and a type of scam.
According to estimates by on-chain investigator ZachXBT, Arora profited about $2 to $3 million from rug pulls of meme coins. Arora even stated, 'If you are not being rug pulled by me, you might be rug pulled by someone else. Instead of that, why not let someone with a successful track record rug you?'
Veteran crypto investor Kyle Chassé commented that this meme coin market is like an unfair gamble; in a real casino, the house wins about 60% of the time, but in this crypto casino, the house wins 99% of the time.
The 'get rich quick' fantasy on social media leads to scams.
Last year, several celebrities accused Arora of using meme coins related to them to conduct rug pull scams, including former Olympic athlete Caitlyn Jenner, American rapper Rich the Kid, and Australian artist Iggy Azalea.
Moreover, in February 2025, he launched a meme coin named 'BROCCOLI,' using the same method, with the name derived from the beloved dog of Binance's former CEO, Zhao Changpeng (CZ). He even listed it using the same wallet address he used for the Jenner meme coin launched in 2024, and admitted to the media (Decrypt) that he made as much as $6.5 million by selling off BROCCOLI coins.
Foreign media pointed out that these seemingly absurd scams can successfully deceive investors, one of the main reasons being the 'get rich quick' fantasy on social media. Especially on TikTok and Instagram, a group of crypto 'financial influencers' crazily showcases luxury cars and private jets, conveying the message that 'as long as you follow my lead, you can live this kind of life,' successfully attracting a large number of young investors.
Chassé advised investors to remain vigilant at all times, to think critically about the wealth flaunting of influencers, and to consider 'where their money comes from.' Simultaneously, they should also be cautious of any investment opportunity claiming 'get rich quick.'
Source: CryptoSlate, New York Post
More reports
Does meme coin rise with 'Trump'? Trump coin sparks controversy: Trump says he hasn't profited, yet public company invests against the trend in Trump coin.
Trump hosts a dinner for '$TRUMP' holders, with a chance to receive a private invitation! What are the eligibility requirements?
