What Happened?
The creator of meme coins, Sahil Arora, recently 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 points out that the high success rate of rug pulls is related to social media’s role in amplifying them. Numerous “financial influencers” on TikTok and Instagram flaunt their wealth, creating the illusion that quick riches are just an investment away, leading young people to mistakenly believe they can enter the market.
Meme Coin Creator States “Rug Pull” 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 as soon as profits appear.
He claimed to have earned millions through over 100 rug pull operations involving meme coins, describing this scam technique as “the largest casino on Earth.” By creating a cryptocurrency with no real value and promoting it through false or paid endorsements, the price rises due to an influx of investors, at which point the founder sells off a large amount of the coins. Since they often control most of the tokens in circulation, selling causes the coin’s price to plummet, resulting in investor losses—this is a typical “rug pull” operation and a form of fraud.
According to estimates by on-chain detective ZachXBT, Arora profited approximately $2 to $3 million from meme coin rug pulls. Arora even stated, “If you weren’t rugged by me, you could be rugged by someone else; instead of that, why not let someone with a successful track record rug you?”
Veteran cryptocurrency investor Kyle Chassé commented that this meme coin market resembles an unfair gamble, where 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 Scams
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.
Additionally, in February 2025, he launched a new meme coin named “BROCCOLI,” inspired by the dog of former Binance CEO Zhao Changpeng (CZ). He even used the same wallet address that he had employed for the Jenner meme coin launched in 2024 and admitted to the media outlet Decrypt that he profited up to $6.5 million from selling BROCCOLI coins.
Foreign media pointed out that these seemingly absurd scams manage to successfully deceive investors largely due to the “get rich quick” fantasy prevalent on social media. Particularly on TikTok and Instagram, a number of crypto “finfluencers” wildly showcase luxury cars and private jets, conveying the message that “if you follow my lead, you can live this kind of life,” successfully attracting a large number of young investors to the market.
Chassé advises investors to remain vigilant and to critically assess the wealth flaunting by influencers, asking themselves, “Where did their money come from?” Furthermore, they should be cautious of any investment opportunities claiming “get rich quick.”
Source: CryptoSlate, New York Post