Scammers have impersonated the Country of Cuba, launching and rugging three meme coin projects within 24 hours. The first project, CUBA, was pumped to a $30 million market cap before the scammers carried out their rug pull. All the projects were launched on the Solana-based platform pump.fun.
According to crypto trader Ash Crypto’s post on X, the Cuba developer reportedly launched CUBA before going on to launch CUBA 2.0 and finally JUSTICE FOR CUBA. The post related to the launch of the meme coins has subsequently been deleted from the official X account of the Ministry of Foreign Affairs, Cancillería de Cuba, suggesting the work of bad actors.
Scammers rug three crypto projects after impersonating Cuba
According to reports, after the Ministry deleted the scammers’ works, the developers of the project abandoned it and withdrew all liquidity from the three tokens, crashing their values. The three meme coins followed the same process where they were launched, gained a little traction, and were subsequently rugged, leaving investors to deal with their losses.
According to the Anti Rug Agent platform, CUBA was given a safety score of 41.56%, with the highest token holder owning about 4.2% of the entire supply. Although minting was locked, the projects managed to pull over 14k wallets in five hours after it launched. The top 10 holders held 20% of the entire token, worth $1.7 million. At the time of publication, the total value of all the CUBA tokens in supply was about $8.4 million.
The launch of celebrity and fan tokens has overtaken the entire crypto industry over the last few days since United States President Donald Trump launched his meme coin. While most of the launched tokens have been replicas and not by actual celebrities, they have been feeding off the TRUMP token. However, it is safe to be alert in the crypto industry because scammers are looking for opportunities to scam investors.