Social media sensation and UFC signee Hasbulla has been accused of orchestrating a cryptocurrency “rug pull,” allegedly making off with approximately $3.5 million from unsuspecting fans.
The controversy surrounds Hasbulla’s “BULLA” coin, which debuted on Monday to significant fanfare. The cryptocurrency quickly raised an impressive $12.5 million during its presale phase. However, crypto investigators have raised serious concerns about the legitimacy of the operation.
According to noted cryptocurrency investigator ZachXBT, many of the contributions to the BULLA coin presale appeared to come from “freshly funded wallets via CEX” (centralized exchanges). “Common grift to make a presale look successful to lure in unsuspecting people,” the investigator stated on social media.
Cryptocurrency news outlet CoinGape.com provided further analysis of the situation, reporting that “over 60% of the supply was scooped up by insiders and bots at launch. Blockchain analysis showed wallets linked to the team selling off large amounts while public promotions continued.”
This isn’t the first time Hasbulla has faced accusations regarding cryptocurrency ventures. CoinGape noted that the social media star has been involved in previous controversial projects, including a 2021 NFT bid “that never went anywhere” and another coin called “BARSIK” earlier in 2024.
The incident draws comparisons to UFC fighter Khamzat Chimaev’s recent cryptocurrency controversy. Chimaev’s “SMASH” coin reportedly lost 91% of its value less than 24 hours after its initial launch, with the fighter allegedly making upwards of $1 million in the process. Chimaev later claimed that others had simply used his name without proper authorization.
The world of “memecoins” — cryptocurrencies often based on internet memes or popular personalities — has become increasingly risky for investors. Despite Bitcoin recently breaking its all-time high, these alternative tokens are notorious for their volatility, often skyrocketing in value before plummeting dramatically.
As of publication, Hasbulla has not publicly addressed the allegations regarding the BULLA coin. The cryptocurrency community continues to warn potential investors about the dangers of celebrity-endorsed tokens and the importance of thorough research before investing in any digital asset.
The situation remains developing as blockchain analysts continue to investigate transaction patterns associated with the BULLA coin launch.
