Caitlyn Jenner and Rich the Kid have recently alleged they were victims of a scam involving memecoin collaborator Sahil Arora.
The accusations came following a series of celebrity token launches on May 26.
Jenner denounced Arora for allegedly scamming her with the Solana-based JENNER token on X. This token's market cap surged to $43 million within the first 24 hours but has since dropped to $17.4 million.
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Despite the controversy, Jenner remains optimistic about the token's future, asserting that JENNER "isn’t going anywhere but up," although she said that Sahil Arora appears to be out of the project for now, which still raises questions about whether the account is not hacked.
Rapper Rich the Kid, whose real name is Dimitri Leslie Roger, has also come forward with claims against Arora, alleging that his X account was hacked to promote the RICH token. He described the situation as a pump-and-dump scheme, with Arora allegedly transferring all the money to his account and then blocking him.
The controversy deepened as connections were made between other incidents involving Arora. One example includes adult content creator Kazumi, who posted a crypto wallet address identical to the one Jenner had used. This led to suspicions that Kazumi had also been hacked while promoting the ZUMI token on May 20.
Meanwhile, Australian rapper Iggy Azalea has distanced herself from Arora after discovering that he had launched a token presale using her name, raising over $300,000.
Azalea's X account criticized Arora, stating:
Basically I was interested in making a legit coin with utility but Sahil tried it n thought I wouldn't see his weirdo lil presale telegram <stunt>.
Arora's controversial history isn't new. He was previously accused of other scams, including a rug pull associated with former NBA player Dwight Howard.
His complicated public image extends beyond crypto, as he has also previously been accused of identity theft and unpaid debts.
This wave of allegations reminds celebrities and everyday investors to be cautious when engaging with crypto.
In other news, Cristiano Ronaldo has announced his upcoming NFT collection in collaboration with Binance.
