The WeCare Foundation has announced its intention to support victims of Sahil Arora, the alleged mastermind behind a series of pump-and-dump schemes in the crypto market over the past week. According to the foundation’s CEO, Saad Kassis Mohamed, WeCare will offer both legal and financial assistance to those affected by Arora’s recent fraudulent activities.

“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.

Arora, an Indian national, is alleged to have orchestrated multiple celebrity-themed memecoins, exploiting the celebrities' lack of experience with web3. His schemes included hacking American rapper Rich the Kid’s X account to promote the "RICH" token and launching the "JENNER" token, an SOL-based meme coin themed after Caitlyn Jenner. Additionally, he raised $300,000 in a token presale under the guise of Australian musician Iggy Azalea. Each of these tokens saw their prices plummet shortly after launch, with Arora allegedly pocketing the profits. The celebrities have since distanced themselves from any involvement with him.

Investors who bought into the hype surrounding these celebrity tokens are now left with significant losses and limited recourse. The WeCare Foundation aims to mitigate these impacts 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 widespread reach,” Mohamed added.

To ensure that assistance is provided to those genuinely in need, WeCare will implement a stringent verification process, involving the checking of 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,” Mohamed said.

The foundation has urged victims to reach out directly via social media to request support.