$CWU token: A crypto scam in the name of Nasheed and other global leaders?

Allegations are being raised that the $CWU community token, a crypto token that is purportedly endorsed by former Maldivian President Mohamed Nasheed and over a dozen other global leaders, has all the markings of a huge scam.

The allegations were raised on anonymous X account ‘Jubraan Shareef’ on Friday.

The $CWU taken was launched on Solana by the Commonwealth Union Blockchain Network (CWU) on April 9, with the network it as its first shared digital identity for 2.6 billion people across the Commonwealth ecosystem.

CWU claims to have the backing of the Commonwealth Union, a private platform that leans heavily on the imagery of the actual Commonwealth of Nations. It also claims to be run by Sheikh Saoud bin Faisal Sultan Alqasimi, an Emirati prince, and an advisory board with prominent global leaders, including Nasheed and former Maldivian Foreign Minister Abdulla Shahid.

The $CWU token quickly gained market interest, and later surged to about USD 120 million in market cap.

But the fast rise has brought more questions about early token access.

The concern is not only the price rise, but also about who controls most of the supply.

Days after the launch, reports emerged that about 90 percent of $CWU remained bundled, meaning a large part may be held by connected wallets.

Some of the people on the advisory board, including Mauritius’ former President Ameenah Gurib-Fakim, have publicly denied any involvement.

This is FAKE!!!.. i am NOT involved.. https://t.co/e8LE0IGgBh

— Ameenah Gurib-Fakim (@aguribfakim) May 8, 2026

‘Jubraan Shareef’ reported that an on-chain investigation showed that 73.13 percent of the supply was distributed among 195 wallets, all within 6 lamports of each other.

“This means that it's very likely that all 195 wallets are owned by one entity. The 195 wallets hold 731 million CWU out of the 1 billion total supply. A lamport is one billionth of a SOL. For 195 wallets to land within 6 lamports of each other, they had to be funded by the same script. Organic buyers don't do that. EVER. This means that it's very likely that the 195 wallets are held by one entity,” warned the anonymous account.

‘Jubraan Shareef’ added that a trace on the 195 wallets when it first came alive showed that 93 out of 94 traced wallets created their token accounts in a one-second window on April 9.

“This has high-risk and scam written all over it,” warned the anonymous account.

Concerns are rising, not just in the Maldives, but also across the world, that the $CWU token has all the markings of a rug pull - a cryptocurrency or NFT scam where developers build hype for a project, attract investor funds, and then abruptly abandon it, stealing the liquidity and leaving investors with worthless tokens.

Nasheed, who appears to have retweeted some of the CWU’s posts, has yet to make a statement regarding the controversy.

The police were also not immediately available for comment regarding the case.