Hasbulla’s BULLA Coin Faces Allegations of $3.5 Million Scam

Hasbulla has allegedly made $3.5 million from his BULLA coin presale, leading to accusations of exploiting fans, similar to Khamzat Chimaev’s earlier crypto issues. Critics claim he manipulated perceptions of his coin’s success to profit from unsuspecting buyers, with more than 60% of tokens controlled by insiders and bots.

Fast Summary
Hasbulla, a noted social media influencer and UFC signee, has come under fire after allegedly profiting $3.5 million from a crypto presale scam involving his newly launched BULLA coin. Following in the footsteps of UFC fighter Khamzat Chimaev’s recent fallout from a similar scheme, Hasbulla is facing accusations of manipulating perceptions of his coin’s success to cash in at his fans’ expense.

In the ever-volatile world of cryptocurrency, especially with so-called “memecoins,” the past few days have unfolded like a thriller. Bitcoin recently hit its record high, yet that doesn’t guarantee that ventures tied to it will thrive. For instance, memecoins create a precarious situation; they can surge in value one minute and plummet the next, leaving those who invested counting their losses.

Celebrities have increasingly ventured into the memecoin arena, often attracting fans who are perhaps too eager and a bit too trusting. A classic example is UFC star Khamzat Chimaev, whose heavily promoted SMASH coin surged at launch before losing a staggering 91% of its value less than a day later. Chimaev reportedly earned around $1 million from this debacle, although he asserts that fault lies with unnamed individuals who exploited his name without his consent.

Now, it looks like Hasbulla, the internet sensation, is stepping into the same controversial waters. On Monday, Hasbulla’s BULLA coin was introduced and swiftly raised over $12.5 million. However, he finds himself facing accusations that he manipulated the presale details to inflate his own profits, with allegations that he pocketed up to $3.5 million in just one hour.

A post on Twitter from the account Crypto Beast claims Hasbulla essentially swindled fans through his presale tactics, adding fuel to the ongoing narrative about celebrity-driven crypto schemes.

The crypto community has been abuzz with confusion over how the presale operated. Noted crypto investigator ZachXBT shed some light on the situation, suggesting that Hasbulla likely inflated his apparent success by making purchases from freshly funded wallets. This practice gives the false appearance of a prosperous launch to mislead potential investors.

ZachXBT highlighted that if people scrutinised the blockchain data, they would notice that many contributions were not organic. Instead, they stemmed from accounts that were funded specifically for this purpose. It’s a common tactic to entice hopeful, unsuspecting buyers into participation.

Further insights from CoinGape.com revealed a troubling aspect of the presale—over 60% of the total token supply ended up in the hands of insiders and automated bots during the launch. Analysis of on-chain data indicated that wallets associated with the BULLA coin team were liquidating significant holdings while still promoting the coin to the wider public.

Interestingly, this isn’t Hasbulla’s first brush with controversy. CoinGape also pointed to his past behaviour in 2021, where fans were led on through an NFT offer that resulted in no meaningful outcome, alongside a 2024 token initiative known as BARSIK. Given this history, some are wondering if this will be a repeated cycle of overhyped projects that ultimately benefit only the initiators. Could it be that third time’s the charm, or is this the same old story?