Hasbulla Magomedov, the social media icon turned crypto entrepreneur, has become a controversial figure in the Web3 space. Known for his viral fame, Hasbulla's name has been tied to several NFT collections and memecoins—most of which have raised red flags among crypto veterans. While some fans see his involvement as exciting and humorous, others warn that his projects follow a worrying pattern of failed promises and market manipulation.
What Are Hasbulla's NFT and Token Projects?
Hasbulla first entered crypto during the 2021 NFT boom, launching multiple collections like the HASBI NFTs. These were marketed with promises of exclusive perks and metaverse access. Despite the buzz, most projects faded shortly after launch, with little to no utility delivered and communities left in the dark. Reports show his Ethereum-based HASBI NFT collection minted 10.000 tokens, yet few holders found value beyond the initial hype.
His shift into memecoins followed the same trend. In 2024. he launched BARSIK, a token named after his cat. It soared in popularity but was quickly flagged as a pump-and-dump scheme—over 60% of the supply was allegedly acquired by insiders during its earliest hours, leaving public buyers vulnerable to price crashes.
What Is BULLA and Why Is It a Concern?
In May 2025. Hasbulla re-entered the market with a new memecoin called BULLA, built on the BNB Chain. Within six hours, the token raised over $7 million through a presale. While this might seem like a success story, respected crypto sleuths like ZachXBT were quick to issue warnings.
They pointed to signs of artificial fundraising inflation and potential insider manipulation, comparing BULLA's setup to previous Hasbulla-linked rugpulls. The lack of a transparent roadmap, unclear token utility, and a history of abandoned projects only intensified concerns.
Why Are Experts Warning About Hasbulla's Crypto Involvement?
The most persistent criticism is that Hasbulla uses his celebrity status to attract uninformed investors—many of whom are casual fans unfamiliar with the risks of crypto. This dynamic creates a perfect storm for pump-and-dump scenarios, where early insiders profit while everyday buyers face losses.
Analysts and blockchain watchdogs have consistently raised concerns about the lack of accountability in Hasbulla's projects. Despite flashy launches and big numbers, there's often no product, no long-term plan, and no protection for investors. The projects tend to prioritize hype over substance.
Is Hasbulla Good or Bad for Crypto?
Whether intentional or not, Hasbulla's repeated involvement in questionable projects is contributing to the wider problem of influencer-led scams in crypto. While memecoins and NFTs are inherently speculative, the frequent failure of his projects—and the financial impact on retail investors—has made many experts view his presence in crypto as harmful.
Final Thoughts
So, what is Hasbulla in the crypto world? At best, a celebrity having fun with Web3 culture. At worst, a recurring figure in a series of failed, high-risk schemes that cost real people real money. As crypto matures, the industry must ask hard questions about the role of influencers and the ethics of promoting risky assets without proper transparency or accountability.
If you're a fan of Hasbulla, enjoy the memes—but stay cautious. In the world of crypto, hype doesn't protect you from losses.
