Internet sensation Hasbulla Magomedov finds himself at the center of controversy as his new memecoin, BULLA, raises suspicion amidst significant allegations of fraud and investor manipulation. Despite amassing millions within hours, the project is under intense scrutiny due to Hasbulla’s past involvement with the BARSIK token, which collapsed earlier this year.
Concerns Following the BARSIK Rug Pull
Upon the launch of BULLA’s presale, the project raised $5 million in just two hours, with total investments exceeding $20 million the following day. This surge in capital is largely attributed to Hasbulla’s immense online popularity and the viral nature of memecoins, often luring casual investors with promises of quick returns.
Hasbulla raised $20M for a memecoin presale in the past 24 hours. One single address sent in almost $1 Million USD. Good luck to all participants! pic.twitter.com/ifvYw0NrDr
— Arkham (@arkham) May 27, 2025
This rapid influx of funds has raised alarms among experts. ZachXBT, a respected crypto investigator, warned followers to steer clear of the project, citing Hasbulla’s dubious history.
🚫 @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.
— Teazelbtc (@Teazelbtc) May 28, 2025
Previously, Hasbulla’s BARSIK token, named after his pet cat, vanished shortly after launching, with over 60% of its funds diverted to insiders. This experience left many investors disillusioned, yet the launch of BULLA demonstrates that speculative fervor can often overshadow caution among investors.
Familiar Pump-and-Dump Techniques Emerge
Crypto analyst Wise Advice criticized Binance for giving unwarranted visibility to BULLA, especially following the earlier BARSIK disaster. The formula, according to Wise, follows a dangerously familiar pattern: leverage a celebrity endorsement, promise substantial rewards, and retreat once liquidity peaks.
The suspicions were further fueled when blockchain data revealed that a significant portion of the presale funding came from newly created wallets, suggesting that demand may have been artificially stimulated to garner initial interest.
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 BULLA’s lack of a whitepaper, roadmap, or third-party audits—key indicators of legitimacy in the crypto space.
Lack of Transparency Fuels Backlash
As scrutiny intensifies, members of the BULLA team have reportedly deleted messages in community channels and banned critics, including ZachXBT, from group discussions. This behavior is perceived as an attempt to stifle dissent and limit open discourse regarding the project’s mechanisms and direction.
In stark contrast to legitimate projects that welcome tough questions, BULLA’s response has been characterized by silence and censorship. Users on social media have alleged that critical comments on Hasbulla’s posts have been discreetly removed, further eroding trust among potential investors.
These actions have amplified calls for regulatory oversight within a sector already plagued by volatility and bad actors.
Impressive Presale Figures May Not Reflect Market Confidence
While the presale numbers appear impressive on paper, they may not represent genuine market confidence in the token’s future. Industry observers emphasize that Hasbulla’s fame should not be confused with credibility, especially given his past failures in NFTs and token projects.
His previous endeavors, including a 2021 NFT series and vague promises in the metaverse, have failed to deliver substantial utility or follow-through. While BULLA continues to attract attention, the foundations underpinning it seem alarming to anyone familiar with the BARSIK debacle.
As speculation on memecoins surges, the importance of due diligence cannot be overstated. Investors need to remain vigilant and avoid falling victim to the hype generated by celebrity branding.
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