Russian Influencer Sparks Controversy Over 'BULLA' Meme Coin Presale, Rug Pull Fears Grow

# Russian Influencer Hasbulla Launches Meme Coin ‘BULLA,’ Raising Millions Amid Investor Concerns Russian influencer Hasbulla Magomedov has stirred significant attention by launching the meme coin “BULLA” on the Binance (BNB) blockchain, accumulating millions within a short period. However, concerns abound, with critics referencing Hasbulla’s history of failed blockchain ventures, which have previously led to notable investor losses. On May 28, BeInCrypto reported that BULLA tokens amassed over $7 million within just six hours during its presale. Most of the funding was secured through Binance (BNB) tokens and the Trump-associated stablecoin ‘USD1.’ While Hasbulla’s global following and the meme culture’s allure fueled initial enthusiasm, industry experts highlight that a significant portion of the funds seems to have been channeled through newly created wallets by the project team. This has sparked suspicions of artificial demand inflation, drawing comparisons to classic “pump-and-dump” schemes, where prices are manipulated to attract naive investors before a crash. Hasbulla has previously delved into blockchain and cryptocurrency. In 2021 and 2023, he ventured into non-fungible token (NFT) projects and in 2024, he launched a token named “BARSIK,” inspired by his cat. Yet, nearly all these efforts faced intense criticism due to practices like insider token purchases, rapid sell-offs, and ambiguous project roadmaps. For instance, after launching BARSIK, over 60% of the raised funds were allegedly redirected to insiders, leading to a steep decline in the token’s value. Many now worry that BULLA might meet a similar fate. # Concerns Surrounding Lack of Transparency Exacerbating skepticism, the BULLA project has not released a whitepaper, undergone external audits, or provided a clear roadmap detailing fund utilization. Analysts warn that the project heavily relies on Hasbulla’s fame and meme-driven marketing, potentially obscuring inherent issues. Prominent on-chain analyst ZachXBT has issued a dire warning to potential investors, recalling Hasbulla’s past rug pulls. “No one should send their funds to this. You already rugged with your other bundled token BARSIK only a few months ago,” he tweeted, presenting evidence of deceptive practices in Hasbulla’s earlier ventures. # Celebrity-Driven Meme Coins Under Scrutiny The launch of celebrity- and influencer-backed meme coins is becoming more prevalent in the digital asset industry. However, many of these projects are short-lived, focusing on speculative trading or benefiting insiders at retail investors' expense. Critics now view the BULLA token as another “retail onboarding event” driven by Hasbulla’s fanbase rather than a genuine project aimed at delivering substantial value. Investors are urged to exercise caution and perform thorough due diligence before engaging in such ventures. As the cryptocurrency sector grapples with transparency and accountability issues, projects like BULLA underscore the need for stricter self-regulation and heightened investor awareness.