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Ghana ex-president–linked CWU token accused of “rug pull” as insiders dump, still hold 85%

Investigators tracking cryptocurrency transactions believe a new memecoin, advertised with the help of Ghana’s former president, is likely a scam. They’ve found evidence that people connected to the project have already sold a significant amount of tokens – worth hundreds of thousands of dollars – and still hold most of the remaining supply.

Summary

  • Bubblemaps says an address cluster tied to CWU sold around $600,000 of tokens but related wallets still hold about 85% of supply.
  • The CWU memecoin, promoted with the endorsement of former Ghanaian president John Agyekum Kufuor, previously hit a market cap near $120 million.
  • On-chain data suggests over 200 freshly funded wallets grabbed almost all the supply at launch, contradicting claims of broad circulation and raising classic rug-pull red flags.

Data from Bubblemaps, a blockchain analytics platform, shows that a group of CWU token holders have already sold around $600,000 worth of tokens. Despite these sales, they still control the vast majority of the remaining supply – about 85%, according to a report highlighted by ChainCatcher. This suggests that the current trading activity may be limited to a small number of tokens available to the public, while the majority remains held by insiders.

CWU isn’t just another memecoin. It gained popularity because its marketing suggested a connection to John Agyekum Kufuor, the former president of Ghana, who was presented as an advisor to the project. According to an explanation from MEXC, CWU began to stand out in the memecoin market after being promoted with the endorsement of Kufuor. This helped its value rise to around $120 million, peaking at $0.135, before falling to about $0.08 – a 32% decrease from its highest point.

On-chain data contradicts the project’s own tokenomics

The CWU team publicly states that 90% of the token is available to the public, with only 10% held in reserve for the project. However, data from blockchain analysis tools like Bubblemaps shows a different story. It appears that around the time of launch, over 200 new wallets were created and funded, then quickly used to claim the vast majority of the CWU supply – now collectively controlling between 87% and 90% of all tokens.

A recent analysis of the CWU token reveals that a large portion of it—around 90%—is concentrated in the hands of a small group of interconnected wallets. Bubblemaps and MEXC both found that these wallets acquired most of the initial supply and continue to hold it, despite claims of broad distribution. This suggests the tokens are not widely circulated and are likely controlled by a single entity or coordinated group.

Important update: The group is actively selling their holdings, with $600,000 worth sold so far. They still control 85% of the $CWU token. The question is, why is someone in a leadership position supporting this potentially fraudulent project?

— Bubblemaps (@bubblemaps) May 26, 2026

This setup is a major warning sign, according to Bubblemaps’ own advice for identifying scams. Their tool flags tokens where just a few wallets own a large portion of the supply (70-90%), and notes that groups of wallets acting together often indicate a single entity secretly controlling the token. With CWU, the combination of a concentrated token distribution, coordinated funding of new wallets, and subsequent sales during price increases strongly suggests a project that pretends to be decentralized while actually having the power to manipulate the market.

Political branding meets memecoin extraction

As a researcher following this case, the involvement of Ghana adds a particularly troubling dimension to the CWU token beyond the typical issues with memecoins. The project’s use of a former head of state in its promotion created an illusion of trustworthiness, leading many investors to see it as a safe bet, especially with claims that Kufuor was an advisor and the project presented itself as an industry leader. However, when I examined the blockchain data, I found some serious red flags. The token supply is heavily concentrated in a few wallets, those wallets are obscured, and there’s evidence of significant selling by insiders while the token struggles with liquidity. This pattern closely resembles the hallmarks of a ‘rug pull’ scam – exactly the kind of activity my team at Bubblemaps aims to identify.

While CWU hasn’t completely collapsed, there’s no proof linking former President Kufuor to the wallets involved or any specific token sales. However, a significant difference exists between the advertised circulation (90%) and the actual amount tracked on the blockchain (85-90% in connected wallets). This is leading traders to view CWU as a cautionary tale, highlighting the importance of thorough blockchain research over relying solely on celebrity endorsements or political branding.

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2026-05-26 17:56