- Hasbulla’s new memecoin, BULLA token, raised $20M in 24 hours amid scam accusations.
- Analysts warn of a repeat of the BARSIK rug pull.
- Critics cite a lack of transparency and insider wallet activity.
Russian internet sensation Hasbulla Magomedov is once again under fire from the crypto community, as his newly launched memecoin, BULLA, faces mounting accusations of fraud and manipulation.
Despite raising millions of dollars within hours, the project is being closely scrutinised due to Hasbulla’s checkered past in Web3, particularly his involvement in the failed BARSIK token earlier this year.
BARSIK’s rug pull cast a shadow on BULLA’s legibility
When BULLA’s presale started, it raised $5 million within just two hours and reportedly exceeded $20 million over the next day.
Hasbulla raised $20M for a memecoin presale in the past 24 hours.
One single address sent in almost $1 Million USD1.
Good luck to all participants! pic.twitter.com/ifvYw0NrDr
— Arkham (@arkham) May 27, 2025
This rapid influx of capital was fueled largely by Hasbulla’s immense online popularity and the viral nature of memecoins, which often lure casual investors with the promise of quick returns.
However, experts such as ZachXBT, a respected crypto investigator, were quick to raise red flags, urging followers to stay away from the project due to Hasbulla’s history of rug pulls.
🚫 @zachxbt called out the $Bulla team (yep, the Hasbulla meme token) for scamming presale investors. He pointed to deleted messages and zero transparency. Instead of a real answer, they banned him.
Famous face or not, a meme coin stays a meme coin. Same old “take the money and… pic.twitter.com/60CCipIrw0
— Teazelbtc (@Teazelbtc) May 28, 2025
His previous token, BARSIK—named after his pet cat—vanished shortly after launch, with more than 60% of its funds reportedly diverted to insiders.
That experience left many investors burned, yet the launch of BULLA has shown that speculative fervour can still overshadow caution.
Evidence of familiar pump-and-dump techniques
Crypto analyst Wise Advice criticised Binance for providing visibility to the BULLA token, especially after BARSIK’s implosion earlier this year.
According to Wise, the formula appears dangerously familiar: attach a famous face, promise big rewards, and exit once liquidity peaks.
This time, suspicions deepened as blockchain data revealed that large chunks of the presale funding came from newly created wallets, suggesting that artificial demand may have been manufactured to drive up initial interest.
This technique is commonly associated with pump-and-dump schemes, where early gains are orchestrated to bait unsuspecting investors.
So sad to see #Binance endorsing people like Hasbulla.
Last time, he launched the $BARSIK memecoin and rugged the Barsik community without a word.
Now he’s raised another $20M for his new memecoin, $BULLA…
And guess what?
Binance and CZ still openly endorsed him during the… pic.twitter.com/DFSUEchvvB
— Wise Advice (@wiseadvicesumit) May 28, 2025
Even more concerning is the fact that BULLA has yet to produce a whitepaper, outline a roadmap, or submit itself to third-party audits, which are deemed as key indicators of legitimacy in any crypto project.
Lack of transparency fuels the backlash
As scrutiny grows, members of the BULLA team reportedly deleted messages from community channels and banned critics, including ZachXBT, from group chats.
This behaviour has been interpreted as an attempt to suppress dissent and limit open discussion about the project’s mechanics and leadership.
In contrast to legitimate projects, which often welcome hard questions, BULLA’s response has been marked by silence and censorship.
Social media users also claimed that critical comments on Hasbulla’s posts were being quietly removed, further eroding trust among potential investors.
These actions have amplified calls for regulatory oversight in a sector already riddled with volatility and bad actors.
The impressive BULLA presale numbers may not be legit
While the presale numbers remain impressive on paper, they may not reflect true market confidence in the token’s future.
Industry observers emphasise that Hasbulla’s fame should not be mistaken for credibility, particularly given his prior failures in NFTs and tokens alike.
His earlier ventures, including a 2021 NFT series and multiple vague metaverse promises, failed to deliver any substantial utility or follow-through.
Although BULLA still commands attention, the foundation beneath it appears worryingly familiar to anyone who followed the BARSIK debacle.
As memecoin speculation continues to surge, the importance of due diligence cannot be overemphasised, and investors should avoid falling for hype driven by celebrity branding.
