Here’s the Easiest Way to Make Money in Crypto Through Crime

In a May 17 interview with the New York Post, Arora confessed to making millions of dollars from over 100 memecoin scams. He described these schemes as “the easiest way to make money” by launching a meme coin, promoting it, and selling off the tokens as soon as profits appear.

The Mechanics of a Rug Pull

Rug pulls, a form of pump-and-dump scheme, involve creating a worthless cryptocurrency and using false endorsements or paid promotions to inflate its price. The creator, often controlling a large portion of the token supply, then sells off their holdings, causing the price to plummet. This leaves investors with heavy losses, while the creator walks away with millions.

Arora is no stranger to these schemes. In August 2024, crypto analyst ZachXBT estimated that Arora made between $2 million and $3 million through these fraudulent activities. Arora, who has boasted about his “success” in the space, previously told The Defiant that executing rug pulls took “a lotta brain pulling.”

Rug Pulls: The “Biggest Casino on Earth”

In his interview with the New York Post, Arora shamelessly referred to rug pulling as “the biggest casino on Earth,” revealing his pride in the millions he earned through these schemes. “If you don’t get rugged by me, you’re probably going to get rugged by someone else,” he said, implying that investors should accept getting scammed by someone with a “track record of success” rather than a “random person on the internet.”

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A Risky Game for Investors

Veteran crypto investor Kyle Chassé echoed the dangers of the practice, comparing it to a casino. “At least in the casino, you know the house wins maybe 60 percent of the time. In this [crypto] casino, the house wins 99 percent of the time,” he remarked, highlighting the one-sided nature of these scams.

The Dark Side of Crypto

Arora’s unapologetic comments have once again raised concerns about the darker side of the cryptocurrency market. Despite the high-profile cases of fraud and scams, such as Arora’s rug pulls, the market continues to attract both seasoned investors and newcomers, many of whom remain unaware of the risks involved.

The post Here’s the Easiest Way to Make Money in Crypto Through Crime appeared first on Coindoo.