Nasheed says CUBN project is a regulated digital‑finance network, not a crypto scheme

Former President Mohamed Nasheed on Sunday rejected allegations circulating on social media that the Commonwealth Union Blockchain Network (CUBN) is a scam.

The claims were made by an account run by Jubraan Shareef on X, which alleged that a token launched on the Solana blockchain on April 9 under the name “CUBN” was using the identities of Nasheed and other global figures without authorisation. The account further claimed that the token had no connection to the Commonwealth despite its branding, and that on‑chain analysis showed the token to be highly concentrated and vulnerable.

According to the account, more than 73 percent of the token supply is controlled by 195 wallets, all created within seconds of the token’s launch using the same script. “It’s clear evidence that one person controls all the money,” the account alleged, prompting widespread speculation online about whether the project was fraudulent.

In a statement posted on social media, Nasheed said the allegations were misleading and that CUBN was an institutional initiative focused on regulated digital‑finance infrastructure, not a speculative crypto project.

He said the initiative is built in line with the Commonwealth Model Law on Digital Assets, which has already been adopted by 19 Commonwealth member states, and connects 56 Commonwealth nations and seven countries in the Middle East and North Africa. Its aim, he said, is to create a trusted digital‑asset framework for 2.7 billion people.

“This is definitely not a model that guarantees profitability or is used to raise funds from the public,” Nasheed said. “The main goal is to build a digital‑finance infrastructure that is compliant with regulations.”

Nasheed said CUBN’s work includes cross‑border remittance systems, digital‑identity and tokenisation frameworks, central‑bank digital‑currency (CBDC)‑ready infrastructure, and regulatory harmonisation across jurisdictions.

He added that the project is guided by an international advisory board consisting of former prime ministers, regulators, central‑bank officials and industry experts, and operates with transparent governance and long‑term planning.

“These are not ‘crypto’ stories about making a quick buck,” Nasheed said. “This is a policy‑driven effort to build a regulated digital‑finance system in the Commonwealth and beyond.”

The world’s financial system is changing rapidly. Digital currencies, tokenisation and
blockchain infrastructure are no longer fringe ideas — they are becoming part of global
financial strategy pic.twitter.com/IAq1c46lTy

— Mohamed Nasheed (@MohamedNasheed) May 10, 2026

The confusion stems from two separate things carrying the same name. 

On one side, former President Mohamed Nasheed says the Commonwealth Union Blockchain Network (CUBN) is a policy‑driven digital‑finance initiative with no token, no fundraising, and no profit promises. On the other side, a Solana‑based token also called “CUBN” appeared online on April 9, prompting allegations from social‑media users that the token is suspicious and misusing the names of public figures. 

The token has not been officially linked to the initiative Nasheed is involved with, but the overlap in branding has fuelled public uncertainty and competing claims about what is genuine and what is not.

Readers should confirm details with trusted sources as the situation continues to develop.