Rug Pull Rocks Crypto Community with Cuban Memecoins

Cuba Government Meme Coin

In less than 24 hours, a series of memecoins linked to the Cuban government, including $CUBA, resulted in a $30 million "rug pull," leaving investors with significant losses.

The controversial $CUBA coin, promoted briefly by the Cuban Ministry of Foreign Affairs' official X account, soared to a $30 million market cap before the project abruptly removed liquidity and deleted promotional tweets, suggesting a potential hack.

Follow-up coins CUBA 2.0 and JUSTICE FOR CUBA went through similar cycles. The incident is the latest in a series of pump-and-dump schemes to besiege the industry and comes hot on the heels of the hype surrounding Donald Trump's latest memecoin, $TRUMP.

Calls for stricter cryptocurrency regulations to prevent fraudulent activities and protect investors from volatile and risky memecoin ventures intensified online after the event. Shortly after, the Cuban foreign ministry's X account was locked.

Mark Cuban Meme Coin

At the same exact time, a memecoin with an identical name but completely different origin was on everyone's search—"Cuban coin" associated with Mark Cuban.

Last year, on a podcast with Farokh Radio, billionaire and entrepreneur Mark Cuban had an opinion that memecoins, although supported by the community, still are rug pulls.

Following the launch of Trump family tokens he wrote a series of negative posts about the Trump family's memecoins, saying that they "delegitimize the entire space and technology."

On January 21, he even trolled his followers by announcing plans to launch his own memecoin and donate the revenue to US treasury.

Luckily, Mark Cuban hasn't followed up on his announcement and has switched back to his main venture, Cost Plus Drugs.

Two Cuban memecoins in one day - is it a coincidence? It could be if the right naming of a token is all you need to make a quick fortune.