WARNING! Spoilers for The Ultimates #10
Captain America's greatest enemy in the process. It's true: Bucky is the Red Skull in Marvel's updated continuity, subverting his usual dynamic with Captain America and setting the stage for a devastating rivalry that will come into play between the former allies.
The Ultimates #10 by Deniz Camp, Juan Frigeri, Federico Blee, and Travis Lanham kicks off with Captain America storming the Red Skulls' base in pursuit of Namor, a former teammate of his and Human Torch's. However, Steve discovers that a new Red Skull known as the Grand Skull has already subjected Namor to a haunting fate, and the situation only worsens when he learns the true identity of this new foe.
In a game-changing twist, Captain America and the Human Torch realize that the Grand Skull who's carrying on the legacy of Johann Shmidt is none other than James Buchanon "Bucky" Barnes.
Bucky Barnes s the Ultimate Universe as the New Red Skull
The Winter Soldier Gets A Shocking Redesign as Captain America's Nemesis
In the Ultimate Universe, although Punisher's logo as their symbol, the neo-Nazi military follows the orders of the Grand Skulls, with Bucky being the current leader who's taken on the mantle. He drops hints throughout his encounter with Captain America about his true identity, from referring to their run-in as an "Invaders reunion" to ominously saying, "It was good to see you, Steve."

I it It: Bucky Barnes x Black Widow Is One of Marvel's Greatest Romances
Bucky Barnes and Natasha Romanoff have been faced with different hurdles to overcome, just to be broken apart again. But their love always triumphed.
Red Skull has long been considered the nemesis of Captain America, so it's a truly shocking change to see a character who's usually an accomplice of Steve use the name of his most detested villain. His fascist ideology and countless crimes have solidified him as a dangerous character, but now, it's Bucky who's carrying out his dark deeds. During his fight with the Grand Skull, Captain America rightfully calls out him and his followers out for being "racists, thugs, and murderers", making it clear that Bucky is a far cry from being redeemable now that he's aligned himself with the Red Skull's vision.
Forget the Winter Soldier: Bucky Barnes Just Got His Darkest Redesign Yet as Red Skull
Bucky Barnes Goes From Fighting Nazis to Becoming a Neo-Nazi Leader
Before he was infamously frozen in ice for decades, Captain America fought for justice alongside a group of heroes that called themselves the Invaders. This rag-tag group consisted of Steve Rogers, Namor, fellow Invader Namor to their cause. However, they instead discover that another Invader has gone astray.
The Invaders' adventures in Earth-616 can be found in 1975's Invaders series by Roy Thomas and Frank Robbins.
Bucky's sudden turn from Invader to villainous opponent for Captain America reflects his original Winter Soldier arc in Earth-616, albeit with a much darker twist. While the original Bucky Barnes does return decades after his presumed death as the Winter Soldier, he eventually s Steve's side and has even Ultimate Universe's Winter Soldier, after all, which means Bucky might simply be an outright villain.
Captain America Faces a Devastating Betrayal From Bucky Barnes
Steve Rogers and Bucky Barnes Have Become Enemies in a Major Twist
Captain America and the Winter Soldier have gone head-to-head before, but those conflicts pale in comparison to the rivalry that's brewing in the Ultimate Universe. Bucky Barnes has taken a plunge into evil by donning the Red Skull's iconic mask and inheriting his mantle, along with his rule over a neo-Nazi organization that defies everything Captain America stands for. While Steve is undoubtedly shaken by this betrayal from an old friend, he won't stand by and let his Red Skulls harm more innocent people if he and the Ultimates can stop it. Bucky Barnes has cemented himself as Captain America's enemy, redefining their relationship in this new universe.
The Ultimates #10 is available now from Marvel Comics!