The legitimacy of the CW cryptocurrency token, promoted on social media as part of a “Commonwealth Union Blockchain Network” using the name of former President Mohamed Nasheed has come under growing scrutiny online.

The token has drawn attention after promotional material circulated featuring Nasheed and several other international political figures.

Nasheed has reposted content on X relating to the token. However, rather than directly addressing allegations that the project is fraudulent, he has shared posts defending the token against scam accusations.

Critics and online fact-checkers have raised concerns about the token’s ownership structure, claiming that just 195 crypto wallets control more than 73 percent of the token supply.

According to analysts cited in online discussions, the wallets were allegedly created within seconds of one another using the same script shortly after the token launched, raising suspicions that they may be centrally controlled.

Such concentration of ownership is widely viewed in the cryptocurrency sector as a major risk factor because a small group of holders could potentially liquidate their holdings suddenly, causing the token’s value to collapse in what is commonly known as a “rug pull”.

Researchers have also questioned the project’s claimed links to the Commonwealth, saying publicly available information shows no official connection between the token and the intergovernmental organization.

Promotional material reportedly references Commonwealth member states and global leaders, though only a small number of those named have publicly responded.

Former Seychelles president Ameenah Gurib-Fakim denied involvement in a post on X, writing “This is fake, I am not involved in this.”

Additional concerns have been raised online because individuals allegedly associated with the project have previously been linked to a large-scale Ponzi scheme reported by the BBC and involving a member of the UAE royal family.