Hasbulla BULLA project faces "scam" controversy: How can meme coin investors distinguish between genuine and fake?

Social media influencer Hasbulla has recently become a controversial figure. This newly signed UFC fighter was exposed to have a major dispute with the crypto project BULLA, allegedly involved in a “rug pull,” potentially siphoning nearly $3.5 million from fans and investors. This has once again raised industry doubts about Hasbulla’s involvement in crypto operations.

Presale raises $12.5 million, source of funds questioned

The BULLA project gained significant attention after its launch, successfully raising about $12.5 million during the presale. However, industry analysts have raised concerns about the composition of its funds. Notable on-chain analyst ZachXBT pointed out that a large portion of the presale funds come from new wallets recently funded through centralized exchanges. This tactic is well-known in the industry: creating fake hype around fundraising to attract retail investors, ultimately aiming to “rug pull” and profit.

Hasbulla’s crypto history marred by controversy

This is not Hasbulla’s first controversy in the crypto space. Crypto media CoinGape summarized that the influencer has been linked to multiple risky projects. In 2021, he participated in an NFT auction project that ultimately failed; by early 2024, a token called BARSIK again involved him. The recent BULLA incident seems to be another chapter in his “portfolio” of crypto controversies.

Meme coin frenzy: how can investors avoid pitfalls?

Hasbulla’s experience is not unique. Fellow UFC fighter Hamzat Chimaev’s token SMASH plummeted 91% within 24 hours of launch, with reports claiming Chimaev personally profited over a million dollars. Meme coins inspired by celebrities or trending memes often attract attention, but they usually carry significant risks—extreme price volatility, lack of fundamentals, and easy manipulation by whales.

In stark contrast, mainstream crypto assets like Bitcoin continue to hit new highs (currently reaching a record $126.08K). This reminds investors to focus on assets with solid fundamentals and market capitalization rather than blindly chasing hot topics. As the crypto market heats up and meme coin bubbles expand, the Hasbulla incident may serve as a wake-up call for many investors.