Sahil Arora’s alleged rug pulls prompt WeCare Foundation’s support

WeCare Foundation wants to help the victims of Sahil Arora, the alleged mastermind behind a spate of pumps and dumps last week.

According to the foundation’s CEO, Saad Kassis Mohamed, the organization will provide legal and financial support to those affected by Arora’s recent rug-pulling incidents.

“We have observed an increasing number of individuals affected by deceptive schemes in the crypto space […] Our initiative aims to fill this gap by providing a platform for collective action, legal assistance and emotional support, thus enabling victims to seek justice and compensate for their losses,” Mohamed told crypto.news.

WeCare’s move follows a spate of celebrity-themed memecoins promoted by Indian national Arora. The alleged scammer acts as an intermediary for celebrities and takes advantage of their lack of experience with web3.

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

She later launched JENNER, a SOL-based meme coin themed around American media personality Caitlyn Jenner, on Pump.fun. It also raised $300,000 in a token presale under the guise of Australian musician Iggy Azalea.

The tokens mentioned all saw their prices plummet within hours of their launch, with Arora pocketing the profits. The celebrities also distanced themselves from any association with the alleged cheater.

Investors who were rushed by the excitement about these celebrity tokens now face limited recourse and significant losses.

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

“We will also collaborate with industry leaders and influencers to amplify our message and ensure widespread reach,” Mohamed added.

The foundation will implement a stringent verification process to ensure that aid is directed to those who truly need it. According to Mohamed, the process will include checking details such as investment records and communication histories.

“Our goal is to create a safe and reliable system that prioritizes transparency and integrity and ensures that our resources are directed to those who really need them.”

The foundation appealed to victims to reach out directly to the foundation via social media to request support.