Former President Mohamed Nasheed is facing mounting political and public scrutiny amid allegations surrounding his reported financial ties to the controversial CommonWealth Union Blockchain Network (CUBN), a crypto project now accused by critics and investors of operating as a scam.
According to reliable sources close to Nasheed, the former president allegedly accepted USD 500,000 under a signed brand ambassadorship agreement linked to the project. Sources claim the agreement includes legal and financial consequences if he withdraws or publicly distances himself from the initiative. The details of the agreement have not been independently verified.
The controversy has intensified after the CUBN token suffered a steep decline in value, with online trading data and blockchain tracking screenshots appearing to show large-scale sell-offs from major holders. Crypto observers and digital asset analysts have alleged the token displays characteristics commonly associated with coordinated pump-and-dump schemes.
Nasheed had publicly defended the project in recent weeks, including in WhatsApp groups involving Maldivian tourism industry figures and investors. In messages circulated online, he described the initiative as a regulated digital finance ecosystem connected to Commonwealth policy frameworks and argued it was distinct from fraudulent crypto operations.
Sources familiar with the matter further allege that funds received from the endorsement arrangement were already utilised in Nasheed’s ongoing campaign related to the chairperson race within the Maldivian Democratic Party (MDP), leaving him politically and financially unable to distance himself from the project despite growing backlash.
Several Maldivian investors are believed to have invested in the token following Nasheed’s endorsement, with critics arguing that the involvement of a former president created a false sense of credibility and security around the project.
Neither Nasheed nor representatives linked to the CommonWealth Union Blockchain Network have publicly responded to the latest allegations or addressed accusations from investors claiming the project is a scam.
