ChainCatcher news, the blockchain data visualization platform Bubblemaps has released an investigative report revealing that Indian developer Sahil Arora profited approximately $30 million in 2024 by issuing tokens for celebrities. The report indicates that Arora, who currently resides in Dubai, has issued tokens for several well-known figures such as Iggy Azalea and Caitlyn Jenner, but most projects ultimately went to zero.Arora operates through the Pump.fun platform, leveraging his Instagram influence and verification badge to persuade celebrities to tweet about token addresses for high compensation. He typically holds 25-40% of the token supply and sells immediately after the celebrities tweet, using their fans as exit liquidity.Bubblemaps has identified over 40 addresses associated with Arora. From the beginning of 2024 to date, he has cashed out approximately $26.4 million, with the highest cash-out amount in August reaching $6.6 million. Despite causing significant losses for investors, Arora's actions exist in a legal gray area, making it difficult to hold him accountable. Even the celebrities involved have not taken action against him due to shared responsibility.

ChainCatcher news, Uniswap founder Hayden Adams posted on social media: "I have no issues with meme coins or celebrity coins; I think meme attention is valuable, and creating a market for it is cool. That said, the fundamental purpose and value of this technology go far beyond financial games. Moreover, the best builders in this space are driven by positive social change."