Indian Memecoin Creator Admits Earning Millions From Rug Pulls

Dubai-based Indian memecoin creator, Sahil Arora, has openly admitted to the profitability of memecoin rug pull schemes in an interview. Arora, who claims to have earned millions of dollars from over 100 such schemes, described the process as the "easiest way to make money." In these schemes, creators launch worthless memecoins, promote them using false or paid endorsements, and sell them once the price rises, leaving investors with significant losses while the creators profit.

Arora's brazen approach to these scams has drawn attention from various quarters. In August 2024, crypto sleuth ZachXBT estimated that Arora had earned between $2 million and $3 million through these activities. Arora himself has boasted about his success, stating that rug pulling is the "biggest casino on Earth right now." He even suggested that investors might as well get scammed by someone with a track record rather than a random person on the Internet.

Despite facing accusations from several celebrities, including former Olympian Caitlyn Jenner and rappers Rich the Kid and Iggy Azalea, Arora continues to carry out memecoin rug pulls. In February 2025, he launched the token BROCCOLI, inspired by former Binance CEO Changpeng Zhao's dog, using the same wallet he used for Jenner's official memecoin. Arora claimed to have made $6.5 million by dumping Brocolli tokens.

Arora is not the only influencer accused of promoting memecoins that crash in value. YouTuber Paul "Ice Poseidon" Denino, Faze Kay, and Haliey "Hawk Tuah Girl" Welch have also faced similar allegations. Denino reportedly emptied out the liquidity pool of his memecoin two weeks after launch, admitting to stealing around $750,000 from investors. Faze Kay was accused of promoting a token called Save the Kids that crashed, while Welch's memecoin HAWK lost 95% of its value in minutes, although she was cleared of any wrongdoing by the U.S. Securities and Exchange Commission.

These incidents highlight the risks associated with memecoins and the need for greater regulation and investor awareness in the cryptocurrency space. The ease with which these scams can be executed and the significant profits they generate for the creators underscore the challenges faced by regulators and investors alike. As the popularity of memecoins continues to grow, so does the need for vigilance and caution in this volatile market.