Key Takeaways

• Hasbulla raised over $20 million in a BULLA token presale on the BNB Chain.

• One-fifth of the presale was conducted in USD1 stablecoin, making Hasbulla the ninth-largest USD1 holder.

• Critics accuse the project of being a scam, citing prior failed crypto ventures.

• The token distribution has not occurred yet, creating a breeding ground for fraudulent BULLA tokens.

BULLA Divides Crypto Community

Hasbulla’s latest digital asset, known as BULLA, recently raised over $20 million on the Binance Smart Chain, reigniting debate over celebrity-backed meme coins and investor protection.

BULLA’s Presale

Source: Arkham Intelligence

Despite the influencer’s checkered history with crypto projects and accusations of rug pulls, the BULLA token presale proved to be a wild success. Yet, critics are sounding the alarm.

A Closer Look At The BULLA Token Presale

Over $20 Million Raised Despite Warnings

On launch day, Hasbulla’s BULLA token managed to secure over $20 million in funds, more than 20% of this came from buyers using the USD1 stablecoin, issued by World Liberty Financial. In fact, he is now reportedly the ninth-largest USD1 holder globally.

While the presale has ended, the official token distribution has yet to occur. This delay has opened the door to scammers launching fake BULLA tokens, further muddying the waters for unsuspecting investors.

Community Divided Over Legitimacy

The crypto community is no stranger to Hasbulla’s token launches. He has previously introduced several meme coins that were later accused of being rug pulls.

Notably, his 2021 NFT collection failed to deliver all its promised rewards. Meanwhile, his 2023 BARSIK token project is still mired in controversy, though surprisingly, it continues to generate profits for some holders.

One X User Defending Hasbulla

Source: X (@palis)

In light of his past, multiple prominent voices in the crypto space immediately labeled BULLA as a potential scam. However, this hasn’t stopped speculative investors from pouring in funds.

Sponsored Endorsements Add To The Confusion

Adding to the presale’s visibility, the Russian influencer promoted Arkham Intelligence, encouraging his followers to support the platform for covering the BULLA launch. This move was seen by some as a strategic effort to lend legitimacy to the project.

In parallel, crypto exchange BYDFi appeared in various sponsored spots during the buzz surrounding BULLA’s presale. Their features, such as no KYC trading and welcome bonuses up to $2,888, offered enticing alternatives for new and existing traders.

Other Failed Meme Coins

Hasbulla is just the latest name in a long list of celebrities who’ve tried (and often failed) to cash in on crypto’s meme coin mania. Earlier examples like the ‘Hawk Tuah‘ and Conor McGregor meme coins ended in dramatic rug pulls, leaving thousands of investors in the red.

In the Russian influencer’s case, even though his previous ventures ended poorly, there remains a dedicated following willing to invest in anything bearing his name. This raises uncomfortable questions about retail investor behavior and the sustainability of speculative meme tokens.

FAQ

What is the BULLA token?

BULLA is a newly launched meme coin by Russian influencer Hasbulla. It recently completed a $20 million presale on the Binance Smart Chain.

Is BULLA a scam?

While there’s no official ruling on its legitimacy, many in the crypto community have labeled it a scam based on Hasbulla’s prior history of failed or misleading crypto projects.

Why did so many people invest despite the warnings?

Many investors are drawn by the potential for high short-term gains with meme coins. Some choose to speculate, fully aware of the risks involved but still give in to FOMO.

What is USD1 and why is it important?

USD1 is a stablecoin issued by World Liberty Financial. Over 20% of BULLA purchases were made using USD1.

Has token distribution begun?

No. Token distribution for BULLA has not yet started, leading to an increase in fake tokens and scams targeting investors.