Hasbulla's $BULLA Token Raises $7 Million in Six Hours Amid Pump-and-Dump Concerns

Hasbulla, a prominent internet personality, has launched a new cryptocurrency token called $BULLA on the BNB Chain. The token's presale raised over $7 million in less than six hours, with the majority of the funds coming in BNB and a smaller portion in USD1, a stablecoin backed by former U.S. President Donald Trump. However, experts have raised concerns about the legitimacy of the project, pointing to Hasbulla's history of failed NFT projects and his association with pump-and-dump tactics.

According to a blockchain detective, a significant portion of the funds raised for $BULLA may have been artificially inflated by the project itself using their own wallets to create fake hype. This tactic, known as a pump-and-dump scheme, involves artificially inflating the price of a cryptocurrency through misleading promotions, only to sell off holdings at the peak and leave investors with significant losses. Experts warn that while a few may profit from such schemes, most investors could end up losing money in this unpredictable game.

Hasbulla's previous ventures in the crypto space have not been successful. In 2021, he launched an NFT collection on Ethereum, promising things like merchandise discounts, private events, and even metaverse access. However, the hype faded, and most of the NFTs were abandoned soon after. In 2023, he launched another NFT collection, which also failed to gain traction. Then in 2024, he released a token named after his cat, Barsik. Over 60% of it was quickly grabbed by insiders, and it turned into a typical pump-and-dump scheme. Many are now worried that the new token $BULLA may end the same way.

Experts have also flagged concerns about the legitimacy of the funds raised for $BULLA. Many depositor wallets look suspicious as they were fresh wallets, funded through exchanges, and were quickly sent funds to Hasbulla’s account. This just looks like another “retail onboarding event,” where inexperienced investors are drawn in by the hype and end up losing money. While experienced crypto users may stay away, newcomers should be extra careful and avoid getting caught up in the hype.

Despite these concerns, the $BULLA token has continued to attract investors, with many drawn to the potential for quick profits. However, experts warn that the risks associated with the token are significant. The lack of a clear use case, the history of failed projects, and the potential for regulatory risks all point to the need for a more thorough evaluation of the token before investing. Investors should approach the $BULLA token with caution and be aware of the risks associated with it.