Sahil Arora's Alleged Rug Pulling Sparks Support From WeCare Foundation

The WeCare Foundation seeks to help victims of Sahil Arora, the alleged mastermind behind a plethora of pumps and dumps over the past week.

According to the foundation's CEO, Saad Kassis Mohamed, the organization will legally and financially support those affected by the recent Arora attacks.

“As we observe the growing number of individuals affected by deceptive schemes in the crypto space (…) our initiative aims to bridge this gap by providing a platform for collective action, legal assistance and emotional support , allowing victims to seek justice and recovery. their losses,” Mohamed told crypto.news.

WeCare's move follows the promotion of several celebrity-themed memecoins by Arora, an Indian national. The alleged scammer acts as a middleman for celebrities and exploits their lack of experience with Web3.

Arora launched and promoted the “RICH” token by hacking American rapper “Rich the Kid’s” X account.

He then launched JENNER, a SOL-based coin on Pump.fun, themed after American media personality Caitlyn Jenner. He further raised $300,000 in a symbolic pre-sale under the guise of Australian musician Iggy Azalea.

All of the aforementioned tokens saw their prices drop within hours of launch, with Arora pocketing the profits. Celebrities have also distanced themselves from any involvement with the alleged scammer.

Investors who jumped on the hype around these celebrity tokens now find themselves with limited recourse and significant losses.

WeCare aims to mitigate this by mobilizing the community through its connections in the financial and legal sectors.

“Additionally, we will collaborate with industry leaders and influencers to amplify our message and ensure wide reach,” added Mohamed.

To ensure that aid is directed to those who truly need it, the foundation will apply a rigorous verification process. According to Mohamed, the process would involve checking details such as investment records and communication histories.

“Our goal is to create a secure and trustworthy system that prioritizes transparency and integrity, ensuring our resources are directed to those who truly need them. »

The foundation urged victims to contact it directly via social media to seek help.