Memecoin Creator Claims Rug Pulls Are Lucrative Amid Crypto Boom

Dubai-based Indian entrepreneur Sahil Arora, creator of over 100 memecoins, has openly described rug pulls as the "easiest way to make money" in the current crypto landscape. In a May 17 interview with the New York Post, Arora boasted of earning millions by deploying meme coins, hyping them, and dumping his holdings at peak prices—leaving investors with worthless assets.

Rug pulls, a form of pump-and-dump scheme, involve creators controlling large token allocations and cashing out abruptly. Crypto investigator ZachXBT estimated Arora’s illicit gains reached millions by August 2024, though the exact figure remains undisclosed. The revelation underscores persistent risks in the unregulated memecoin sector, where projects like SHIB, PEPE, and FLOKI often attract speculative capital.