The 'Official' Meme Coin of Cuba Turned Out To Be A Scam
On January 20, reports about the Cuban government's launch of a Solana meme token circulated onlineEmir Abyazov1 min read21 January 2025The coin was promoted through the official X-account of the country's Ministry of Foreign Affairs.Cuba apparently launched a memecoin then the devs rugged it... all this morning. Got up to $30mn. Below tweet from their Council of Foreign Affairs has since been deleted.Increasingly clear though this was a hack. - a user named Stats commentedPopular crypto trader Ash Crypto pointed out that in 24 hours this scheme was implemented for three assets: CUBA proper, CUBA 2.0 and Justice for Cuba.One commentator estimates that the developers have managed to release more than 10 coins.However, some users are sure that Cuban authorities are really behind the “official” meme-coin.CUBA has a market capitalization of $2,8 million at the time of writing, with trading volume reaching $91 million.Source: DEX ScreenerRecall, on January 18, before his inauguration, the official meme-token on Solana was launched by US President Donald Trump. The coin of his wife Melania, which appeared afterwards, caused criticism from part of the community.ENRICH your inbox with our best storiesDon’t miss out and join our newsletter to get the latest, well-curated news from the crypto world!