Cuba's «Official» meme coin becomes the latest scam
January 21, 2025
On January 20, the cryptocurrency community was shocked by the news of the launch of the CUBA meme token on the Solana platform, which was reportedly supported by the Cuban government.
The coin was introduced via the official X-account of the Cuban Ministry of Foreign Affairs, which added legitimacy to the project. However, just a few hours after the launch, CUBA found itself at the center of a rug pull scheme. The developers stole about $30 million and disappeared, leaving investors with empty wallets.
How did this happen?
Crypto trader Ash Crypto reported that within 24 hours, three similar projects were launched: CUBA, CUBA 2.0, and Justice for Cuba. Users also discovered that the developers released more than ten different tokens associated with this scam.
Despite numerous suspicions, some of the community still believes that the CUBA meme coin was created by the Cuban government. However, most consider it a fraudulent scheme aimed at deceiving investors.
Current situation
At the time of writing, the market capitalization of the CUBA token had dropped to $1.36 million, and the daily trading volume remained at $169 million. Just a few days ago, on January 18, a similar initiative to launch his own meme coin was undertaken by Donald Trump, which also drew criticism from traders.