Cuban Foreign Ministry X Account Locked After Memecoin Rug Pull 

1. WHO was/is affected? Crypto investors and traders who purchased the CUBA token and its subsequent iterations were directly affected by this apparent scam. The incident also impacts the reputation of the Cuban Ministry of Foreign Affairs and potentially damages trust in government-associated crypto projects generally. 2. WHAT happened? The X account of Cuba's Ministry of Foreign Affairs appears to have been compromised or misused to promote a series of Solana-based memecoins called CUBA. The initial token reached a $30 million market cap before collapsing. Additional tokens (Cuba Coin 2.0, Justice for Cuba Coin, and CUBA 4.0) were also launched and failed within a 24-hour period, showing classic rugpull behavior. 3. HOW it happened, and how can viewers prevent themselves from getting scammed? This appears to be either a hack of a government account or potentially internal misconduct. The scammers leveraged the credibility of a government entity to create FOMO around a memecoin, especially capitalizing on the recent surge in political-themed tokens. Investors can protect themselves by: thoroughly researching projects before investing, being extremely cautious of government-affiliated tokens without clear official confirmation, avoiding FOMO-based investments, especially rapid iterations of failed tokens, and setting strict limits on speculative memecoin investments. 4. WHY this happened? This likely occurred due to the recent trend of memecoins generating significant returns, especially politically-themed ones like Trump-related tokens. The scammers exploited investors' desire for quick profits and the credibility associated with government entities. The rapid launch of multiple versions after each failure demonstrates a deliberate strategy to maximize profits before investors recognized the scam. 5. WHERE are people affected? Primarily crypto traders on Solana-based DEXs were affected, with $158.7 million in trading volume reported. The impact extends globally to anyone who traded these tokens, though the use of the Cuban government's identity may have particularly targeted those with interest in Cuban politics or economics. 6. The incident remains unresolved with the Ministry's X account disabled and no official statement from the Cuban government addressing the situation.