crypto.news 31 May 2024 09:47, UTC
The WeCare Foundation is looking to help the victims of Sahil Arora, the alleged mastermind behind a plethora of pump 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 Arora’s recent rug pulls.
“As we observed 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, thereby empowering victims to seek justice and recover their losses,” Mohamed told crypto.news.
WeCare’s move follows multiple celebrity-themed memecoins being promoted by Arora, an Indian national. The alleged scammer has been acting as a middleman for celebrities and exploiting 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 moved on to launch JENNER, an SOL-based meme coin on pump.fun, themed after American media personality Caitlyn Jenner. He further raised $300,000 in a token presale under the guise of Australian musician Iggy Azalea.
All of the aforementioned tokens saw their prices crash hours after launch, with Arora pocketing the profits. The celebrities have also distanced themselves from any involvement with the alleged scammer.
You might also like: Indian crime officials being probed in major Bitcoin scam
Investors who rushed in on the hype around these celebrity tokens are now left with limited recourse and significant losses.
WeCare aims to mitigate this by mobilizing the community via its connections in the financial and legal sectors.
“Additionally, we will collaborate with industry leaders and influencers to amplify our message and ensure widespread reach,” Mohamed added.
To ensure that help is directed towards those who genuinely need it, the foundation will employ a stringent verification process. According to Mohamed, the process would involve checking details like investment records and communication histories.
“Our goal is to create a secure and trustworthy system that prioritizes transparency and integrity, ensuring that our resources are directed to those who truly need them.”
The foundation has urged victims to reach out to the foundation directly via social media to request support.
Read more: A billion-dollar fortune at risk: Binance France removes Changpeng Zhao as sole shareholder
Source
