A brazen crypto creator is openly flaunting his successful scam strategy, declaring rug pulls the “easiest way to make money” in the volatile world of memecoins. Sahil Arora, who’s created over 100 meme tokens, isn’t shy about his tactics: launch a coin, hype it up, then yank the rug out from under investors’ feet. It’s like running a rigged casino, he claims, where “the house” wins 99% of the time.
The numbers are staggering. In 2024 alone, investors lost more than $500 million to memecoin rug pulls and scams. Nearly 2 million victims fell for these schemes in just two years, with new scam tokens popping up every hour. That’s a lot of broken dreams and empty wallets.
The playbook is devastatingly simple. These creators control massive token supplies, then use fake endorsements and viral marketing to pump up prices. When the timing’s right – boom. They dump their holdings, crash the price, and vanish with the profits. Some even livestream their exits, turning financial devastation into twisted entertainment.
The victims? Usually newcomers to crypto, desperately chasing quick profits. They’re drawn in by FOMO and the gambling rush of meme coins. What’s even more bizarre is the culture that’s emerged around getting “rugged” – some victims actually wear their losses like badges of honor. Talk about Stockholm syndrome.
The scammers aren’t exactly losing sleep over it. One teenage streamer made tens of thousands per coin through multiple rug pulls. Arora himself claims to have pocketed $2-3 million from his schemes. They justify it as just another game in the crypto casino, where everyone knows the risks.
Meanwhile, new tokens keep launching, influencers keep shilling, and the cycle continues. With nearly 15 new scam tokens appearing hourly, it’s like watching a never-ending parade of digital pickpockets. The saddest part? Most victims never see their money again, thanks to the anonymity and speed of crypto transactions.
