X Suspends Account of 'Meme Coin Scammer' Sahil Arora Amidst Pump-and-Dump Allegations
CryptoNewsTerminal Staff04 Jun, 2024
X Suspends Account of 'Meme Coin Scammer' Sahil Arora Amidst Pump-and-Dump Allegations
Meme coin promoter Sahil Arora has faced suspension of his personal account on X, formerly known as Twitter. The suspension comes amidst allegations that Arora has orchestrated 'pump and dump' schemes by encouraging celebrities to issue meme coins. Several high-profile celebrities, including Caitlyn Jenner and Iggy Azalea, have accused Arora of being a meme coin scammer. One such meme coin, JENNER, which was themed around Caitlyn Jenner, reportedly surged to a market cap of $43 million shortly after its launch. However, the value of the coin plummeted to $5 million, raising concerns about its legitimacy. Arora's suspension on X has been met with mixed reactions within the crypto community. Some have welcomed the move, while others have expressed concerns about potential censorship. The incident highlights the ongoing debate about the role of social media platforms in regulating the promotion of cryptocurrencies and protecting users from potential scams.
