Cuba’s Ministry of Foreign Affairs X Account Locked Amid Accusations of Promoting Solana-Based Memecoins

The X account of Cuba’s Ministry of Foreign Affairs has been locked due to allegations of promoting and rug-pulling multiple Solana-based memecoins. The accusations emerged on Monday when the account appeared to be promoting a token called “CUBA,” sparking speculation about the Cuban government’s involvement in the memecoin frenzy.

The hype surrounding memecoins has gained traction in recent times, especially after Donald Trump-related tokens surged in popularity. The CUBA token reportedly reached a $30 million market cap before collapsing. Additionally, two other tokens – “Cuba Coin 2.0” and “Justice for Cuba Coin” – allegedly launched and failed within 24 hours.

Speculation and Potential Hacking Involvement

Screenshots circulating online also show a token called “CUBA 4.0,” further fueling speculation about potential hacking involvement. The situation has raised concerns among cryptocurrency enthusiasts and investors.

Ministry’s Response and Deleted X Space

The Ministry’s X account briefly acknowledged “difficulties” with its page before being deleted. An X Space titled “Sorry from $CUBA,” hosted by the account, featured an apology from someone claiming to represent the Cuban government. The host initially denied any wrongdoing but reportedly later exclaimed, “Here we gooo, come on let’s go, a million MC!” before the Space was deleted.

Market Data and Current Status

According to DEX Screener data, the initial CUBA token saw $158.7 million in trading volume and currently holds a $2.1 million market cap. While the Cuban government has not issued an official statement, the Ministry’s X account remains disabled, leaving the situation unresolved.

Investors should exercise caution when dealing with memecoins and Solana-based tokens, as they often carry high risks and volatility.

Tips for investors:

* Always conduct thorough research before investing in any cryptocurrency or token.
* Be cautious of tokens with unclear or unverifiable origins.
* Never invest more than you can afford to lose.
* Diversify your portfolio to minimize risks.

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