Hasbulla Cryptocurrency Scandal: From BULLA to "Rug Pull" Investment Traps

Social media influencer and UFC fighter Hasbulla is once again embroiled in cryptocurrency controversy. This time, he is accused of coordinating a “rug pull” with the BULLA token project, involving nearly $3.5 million. This not only betrays investor trust but also exposes the dangerous combination of celebrity influence and fraud in the crypto market.

Pre-sale raises over $10 million; professional analysts point to suspicious signs

After its launch earlier this month, the BULLA token quickly gained significant attention. During the pre-sale phase, the project successfully raised about $12.5 million, seemingly promising a bright future. However, seasoned crypto analysts were not fooled by this impressive figure.

Well-known on-chain analyst ZachXBT publicly pointed out obvious suspicious activity in the pre-sale funding: large amounts of money came from wallets recently funded through centralized exchanges. This tactic is known in the crypto community as “wash trading” or “self-trading.” Analysts explain that this is often used to create false market hype and attract unsuspecting retail investors to buy in.

History repeats itself; Hasbulla faces crypto controversy again

This is not the first time Hasbulla has faced scrutiny in the crypto space. Industry media CoinGape has detailed his crypto history— in 2021, he participated in an NFT auction that failed to deliver as promised; by early 2024, he was involved in a token project called BARSIK. Each incident has left investors with scars.

The repeated pattern raises concerns: is there a systemic issue allowing celebrities to repeatedly gain followers’ trust and then cash out easily?

UFC fighter as a cautionary tale; meme coin risks are everywhere

A similar controversy recently involved another UFC fighter. The token named SMASH plummeted 91% within 24 hours of launch. Reports indicate that the token’s related parties profited over $1 million. Later, UFC fighter Hamzat Chimaev claimed that third parties used his name without authorization, but this explanation could no longer restore investor trust.

These two cases form a disturbing parallel: the hype fueled by celebrity influence quickly turns into a nightmare for retail investors.

Behind the market frenzy: signals investors must watch for

When Bitcoin recently hit a new all-time high of $126,080, the entire crypto market was immersed in bullish excitement. But beneath this prosperity, the world of meme coins is becoming increasingly dangerous.

Meme coins are cryptocurrencies inspired by popular internet memes or well-known personalities. They are characterized by extreme volatility—potentially skyrocketing several times in a short period or crashing to zero instantly. More critically, these tokens are often exploited by bad actors for scams.

When a project can raise millions just because a celebrity endorses it; when pre-sale funds show obvious irregularities; when a celebrity repeatedly participates in similar projects—these are warning signs investors should heed.

In the frenzy of the crypto market, skepticism may seem out of place, but it is precisely the last line of defense for investors. The Hasbulla incident once again proves that no matter how dazzling the star’s halo, it cannot hide the true nature of underlying projects.