Russian internet sensation Hasbulla Magomedov is once again under scrutiny from the crypto community as his recently launched memecoin, BULLA, faces mounting accusations of fraud and manipulation.
Although the project raised millions within hours of its presale, it is being closely examined because of Hasbulla’s troubled Web3 track record—most notably his involvement in the failed BARSIK token earlier this year.
BARSIK rug pull casts a shadow over BULLA
When BULLA’s presale began, it reportedly raised $5 million within two hours and exceeded $20 million the following 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 inflow of capital was driven largely by Hasbulla’s immense online popularity and the viral nature of memecoins, which often attract casual investors chasing quick returns.
However, experts such as ZachXBT, a respected crypto investigator, were quick to raise red flags and urged followers to avoid the project due to Hasbulla’s history with 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 for his cat—disappeared shortly after launch, with reports claiming more than 60% of its funds were redirected to insiders.
That experience left many investors burned, yet the BULLA presale demonstrates how speculative excitement can still overwhelm caution.
Evidence of familiar pump-and-dump techniques
Crypto analyst Wise Advice criticized Binance for providing visibility to the BULLA token, particularly in light of BARSIK’s implosion earlier this year.
According to Wise Advice, the formula looks dangerously familiar: attach a known face, promise big rewards, and exit once liquidity peaks.
Suspicion deepened when on-chain data showed a large portion of presale funding originated from newly created wallets, suggesting artificial demand may have been manufactured to inflate early interest.
This pattern is commonly associated with pump-and-dump schemes, where initial gains are engineered to lure 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
Worryingly, BULLA has not yet published a whitepaper, outlined a roadmap, or undergone third-party audits—benchmarks that many in the industry consider essential indicators of legitimacy.
Lack of transparency fuels backlash
As scrutiny increased, members of the BULLA team reportedly deleted messages from community channels and banned critics, including ZachXBT, from group chats.
That behavior has been interpreted as an attempt to silence dissent and limit open discussion about the project’s mechanics and leadership.
Unlike legitimate projects that welcome tough questions, BULLA’s response has been characterized by silence and censorship.
Social media users also claimed that critical comments on Hasbulla’s posts were quietly removed, further eroding trust among potential investors.
These actions have increased calls for regulatory oversight in an industry already plagued by volatility and bad actors.
Impressive presale numbers may not reflect true market confidence
While the presale figures look impressive on paper, they may not represent genuine market confidence in the token’s future.
Industry observers stress that Hasbulla’s fame should not be confused with credibility, especially given his prior failures with both NFTs and tokens.
Previous initiatives—including a 2021 NFT series and several vague metaverse promises—failed to deliver meaningful value or follow-through.
Although BULLA continues to attract attention, the foundation beneath it appears all too familiar to anyone who followed the BARSIK debacle.
As memecoin speculation persists, the importance of due diligence cannot be overstated. Investors should be cautious and avoid letting celebrity branding replace careful research.