While major questions are being raised regarding the legitimacy of the "CW Crypto Token", advertised on social media under the name "Commonwealth Union Blockchain Network" using former President Mohamed Nasheed’s name, Nasheed defended it today, stating it is a legitimate undertaking.
As soon as Nasheed reposted a post on X intended to advertise it in that manner, some individuals began investigating the reality of the CW Crypto Token and expressing concerns related to it.
What is seen as the greatest danger and the most suspicious factor is that over 73 percent of the token's supply is controlled by just 195 wallets. Those who investigated the reality of this matter also discovered that all these wallets were created within a single second using a single script at the time the token was launched, which is another major cause for suspicion. This indicates that one person controls all the money.
As these stories began to spread on social media and in the Maldivian media, Nasheed responded to those claims in a statement released today, saying that the world's financial system is now changing very rapidly and that digital currency, tokenization, and blockchain infrastructure are no longer imaginary things. He also stated that this is now becoming a part of global financial strategy.
"...The Commonwealth Union Blockchain Network is now transforming into a serious institutional initiative, aimed at regulation, infrastructure, and long-term utility, not speculation," Nasheed said in the statement released on X.
He stated that this is something being carried out based on a "model law" regarding digital capital that has already been accepted by 19 countries of the Commonwealth. Nasheed also said that the institution is connected to 56 countries of the Commonwealth and seven countries in the Middle East.
As evidence of this, he pointed out that the Commonwealth Union Blockchain Network (CUBN) does not conduct pre-sales of the token, does not promise profits, and does not raise money as a retail activity.
Nasheed also stated that the work is advised by an international advisory board, which includes former Prime Ministers of various countries, regulators, former officials of central banks, and industry leaders.
"This is not a narrative of overnight gains. This is a policy-driven effort to establish a regulated digital ecosystem within the Commonwealth and beyond," he said in the statement released in defense.
According to information available on the internet, CW Crypto is not an entity that has any connection with the Commonwealth. Furthermore, information linking this with some leaders and the number of Commonwealth countries and their populations is being spread in a way that misleads the public.
However, since names are being used in the advertisement of the token, only a few leaders have so far revealed the truth about it or opposed it.
"This is fake, I am not a participant in this," said the former President of Mauritius, Ameenah Gurib-Fakim, in a post on X to clarify that she has no involvement in the matter.
Another reason why the CW Crypto Token is believed to be a major scam is that a member of the UAE royal family, who has been reported by the BBC for allegedly running a major Ponzi scheme previously, is leading the effort.
