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The Dark Side of Celebrity Memecoin Promotions

Thursday. August 15 at 9:30 PM

1 min. read

Celebrity memecoin promoter Sahil Arora reportedly earned around $3 million this year by launching various celebrity memecoins, as revealed by blockchain investigator ZachXBT. Contrary to initial claims by Bubblemaps, which estimated Arora's earnings at $30 million, ZachXBT pointed out discrepancies in the data. Bubblemaps mistakenly identified a wallet address on Poloniex as Arora's personal wallet, leading to an inflated total. Arora has faced allegations of orchestrating social engineering scams and other fraudulent activities from several individuals, including celebrities like Iggy Azalea, Caitlyn Jenner, and Rich the Kid. Acting as a middleman, Arora allegedly launched tokens for celebrities without their consent, persuaded them to promote the tokens on social media, and then sold off his holdings, causing the token's value to plummet. Despite being banned from X, Arora continues to operate through multiple accounts, promoting new projects and facing accusations of fraud from celebrities like Offset.

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Lawsuit Filed Against Pump.fun for Violating US Securities Laws

Friday. January 31 at 8:00 PM

A class action lawsuit was recently filed in the Southern District of New York on January 30, accusing Pump.fun operators of breaching US securities laws. Lead plaintiff Diego Aguilar alleges that Pump.fun promoted and sold unregistered securities, targeting UK-based Baton Corporation Ltd and its co-founders. The lawsuit claims that Pump.fun offered tokens without proper registration with the SEC, categorizing them as securities under the Securities Act. Despite not directly creating meme coins, Pump.fun is accused of exerting significant control over their creation and distribution, leading to a joint issuer status. Aguilar, along with other affected investors, seeks compensation for losses incurred from trading specific meme coins on Pump.fun. The lawsuit also highlights Pump.fun's role in fostering a speculative and manipulative trading environment through gamified features, potentially exposing users to risks and fraudulent practices like 'pump and dump' schemes.

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Crypto Firm Pleads Guilty to Market Manipulation Charges

Wednesday. January 22 at 10:00 AM

A crypto financial services firm, CLS Global, has agreed to plead guilty to US charges of manipulating markets for a crypto token created by the FBI to detect fraud. CLS will pay a $428,059 fine and forfeit funds held in accounts on Binance and KuCoin. The firm was charged after being caught by an FBI-created token, NexFundAI, used to lure fraudulent cryptocurrency activities. CLS admitted to providing services for NexFundAI, including wash trading, to attract investors. As part of the plea deal, CLS is banned from US crypto transactions and must make annual certifications to the SEC. The firm can no longer offer services in the US. The SEC also brought civil charges against CLS. This case marks the FBI's first public use of a digital token to catch fraudsters. CLS Global has not commented on the matter.

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Bitget and Jambo Partner for Satellite Launch Fundraising

Friday. January 17 at 3:00 PM

Bitget has teamed up with Jambo, a blockchain-based mobile network, to raise $5 million for a satellite launch. The goal is to expand access to decentralized services. Bitget, a major crypto exchange, is collaborating with Jambo, known as the 'WeChat of Africa,' to support transformative projects. Through Bitget's LaunchX platform, Jambo will launch its native token 'J' to enhance its DeFi ecosystem. The satellite launch aims to integrate Jambo's communication hardware, creating new opportunities. Bitget, which recently burned 800 million tokens to stabilize its value, could gain significant visibility from this partnership. Additionally, Bitget is eyeing expansion into global markets and considering Lithuania as a hub for MiCA compliance. While the $5 million fundraising target may not be sufficient for a satellite launch, Jambo is exploring additional funding options. This collaboration underscores the shared vision of connecting the world through blockchain and mobile innovation.

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eToro Files for IPO in the US

Thursday. January 16 at 11:00 PM

Cryptocurrency-friendly trading platform eToro has reportedly submitted confidential filings to the US Securities and Exchange Commission (SEC) for an initial public offering (IPO) in New York. The potential IPO, valued at over $5 billion, could see eToro listed in New York by the second quarter of 2025. Despite the UK being its primary market, eToro aims to broaden its investor base through a US listing. The company, founded in 2007, offers a range of trading services including stocks and cryptocurrencies. In 2019, eToro expanded its crypto offerings in the US, supporting various tokens. Following a settlement with the US SEC in September 2024, eToro ceased trading for most crypto assets. Banks like Goldman Sachs and Jefferies are reportedly assisting eToro with its IPO plans. eToro declined to comment on the reports regarding its US IPO filing when approached by Cointelegraph.

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