Here's the Easiest Way to Make Money in Crypto Through Crime

Sahil Arora, a Dubai-based entrepreneur and memecoin creator, made headlines for his controversial remarks about the profitability of rug pull schemes.

Sahil Arora, a Dubai-based entrepreneur and memecoin creator, has come clean about making millions of dollars from over 100 memecoin scams through rug pulls. In an interview with the New York Post, Arora said that these ventures were “the easiest way to make money.”

Arora explained how he would launch a coin, get it promoted, and sell off his tokens as soon as he began to see any profit, leaving behind a trail of disgruntled investors.

“I’m not proud of it, but I'm not ashamed of it either. I did what I did, and I made a lot of money from it. I'm still young, and I want to use this experience to help other people learn from my mistakes,” he said.

The entrepreneur came to prominence in August 2024, when crypto analyst ZachXBT estimated that Arora had made around $2 million or $3 million through these fraudulent activities.

Arora, who has spoken openly about his “success” in the space, previously told The Defiant that executing rug pulls took “a lotta brain pulling.”

In total, Arora claims to have pulled the rugs on around 100 memecoins, beginning in 2021 at the height of the memecoin craze.

These scams usually involved creating a worthless cryptocurrency and using false endorsements or paid promotions to inflate its price. Arora, who typically controlled a large portion of the token supply, would then sell off his holdings, causing the price to plummet.

This left investors with heavy losses, while Arora would move on to the next coin with millions in the bank.

Speaking about the nature of these scams, veteran crypto investor Kyle Chassé said that these scams were like a casino, but one in which the house always won.

“At least in the casino, you know the house wins maybe 60 percent of the time. In this [crypto] casino, the house wins 99 percent of the time,” he said.

Arora, however, remained defiant, stating that investors should be aware of the risks and choose who they get scammed by.

“It’s the biggest casino on Earth. If you don’t get rugged by me, you’re probably going to get rugged by someone else. At least I have a track record of success. People know who I am and what I do. You’re not getting rugged by some random person on the internet,” he said.