A surge of speculation on social media has sparked widespread curiosity following reports that Cuba's Ministry of Foreign Affairs may be connected to the launch of a controversial memecoin on the Solana blockchain.
The token, named "CUBA," made an explosive debut, sparking claims of a coordinated pump-and-dump scheme orchestrated by the Cuban government itself.
Rumours began circulating when the CUBA memecoin skyrocketed in value, reaching a market cap of $30 million shortly after its release.
However, things quickly turned sour.
Prominent crypto trader @Ashcryptoreal, who has 1.5 million followers, posted an alarming sequence of events:
“Cuba a whole country launched a memecoin today, pumped it to $30 million market cap, rugged it, then launched Cuba coin 2.0 and rugged it, then third Justice for Cuba coin and rugged that one as well.”
He claimed that within a 24-hour period, the alleged scams involved three separate tokens, all of which were quickly pulled, leaving investors in the lurch.
The plot thickened when the official X account for Cuba’s Ministry of Foreign Affairs, which had been promoting the memecoin, was suddenly locked from public view.
This raised suspicions of either a hack or a deliberate move to distance the government from the rapidly unfolding controversy.
According to reports, multiple Cuba-themed tokens, including "#1 rugging country" and "CUBA5," emerged in the wake of the initial launch, only to be swiftly erased from the platform as well.
One memecoin in the series was even playfully dubbed "CUBA 4.0," mocking the series of failed launches.
The original Cuba token, despite its controversial nature, saw an impressive trading volume of $169.36 million since its launch.
However, with a current market cap standing at a mere $1.2 million, the value has sharply declined as confidence in the token quickly evaporated.
These developments came amidst a broader bullish trend in the crypto market, including a surge in memecoin interest, particularly those minted on the Solana blockchain.
At one point, the Official Trump memecoin (TRUMP) saw its value rise above $60, benefiting from the excitement surrounding the U.S. Presidential inauguration.
Cuba's Ministry of Foreign Affairs has posted on Facebook, confirming that their X account was compromised.
Translation:
!! URGENT!! ️
Cuba Ministry of Foreign Affairs X account has been hacked.
Any information posted from the @CubaMINREX account from now on is false.
Following the breach, several new memecoins with Cuba-related names, such as "Cuba Hacked," were launched, heightening the confusion surrounding the incident.
While the X account has since been reactivated, speculation about the government's involvement in the crypto incident persists, especially in light of the lack of official updates or follow-up on what actually transpired.
Despite the Ministry of Foreign Affairs claiming the account was hacked, unanswered questions remain about the full extent of the situation.
The account is now flooded with investors' frustration and anger.
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