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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Aug 01, 2023 07:37 UTC
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BALD Memecoin Crashes 87% in 24 Hours; Who’s Behind the Rug Pull?
BALD (BALD) experiences an 87% plunge in value due to an alleged liquidity drain, leaving traders scrambling to exit the risky coin.
Evidence links the BALD deployer to major exchanges, sparking concerns about the project's legitimacy.
Suspicions arise over the deployer's association with Sam Bankman-Fried and potential involvement in the alleged scam.
The meme cryptocurrency BALD (BALD) experienced a dramatic plunge of more than 87% in the last 24 hours, sending its value crashing to approximately $0.00616 during the early European market on Tuesday. The sudden and significant price drop was attributed to an alleged liquidity drain, leaving traders scrambling to escape the clutches of the risky meme coin. Despite mounting evidence, the deployer vehemently denies any wrongdoing.
BALD’s Rollercoaster Day
The day commenced with BALD witnessing soaring profits on its trading debut, only to suffer an unexpected nosedive in value shortly after. The cryptocurrency, based on Coinbase-backed Base L2, aroused suspicion when a whopping $22 million worth of liquidity (equivalent to 12,433 ETH) vanished from the market. This move left traders futilely trying to salvage their investments, resulting in a substantial decline in the coin’s value.
Leading on-chain analysis by the reputable platform PeckShieldAlert has unveiled compelling evidence linking the BALD deployer to major cryptocurrency exchanges, including FTX, Binance, and Coinbase. Such involvement raises serious concerns about the project’s legitimacy and the intentions behind its creation.
Controversy Ignites
In a surprising twist, the deployer took to Twitter to refute the allegations, asserting that they hadn’t sold any tokens since the deployment. Instead, they claimed to have manipulated liquidity and made purchases. This tweet added fuel to the fire as it contradicted the evidence gathered by blockchain experts.
Is Sam Bankman-Fried Behind the Rug Pull?
Experts investigating the case have discovered a close association between the BALD deployer address and Sam Bankman-Fried, the former boss of FTX. They suggest that SBF may have used a VPN to communicate against the bail’s instructions, deepening suspicions of his involvement in the alleged scam. The deployer’s address reportedly conducted around 400 transactions and interacted with addresses blacklisted by USDT.
Furthermore, the deployer’s history of being the first voter on all sushi proposals and being the largest DYDX farmer has raised eyebrows among analysts. The sentence structure of the BALD deployer’s tweets also bears a striking resemblance to that of SBF, further linking the two entities.
Feeling the Shockwaves
The fallout from the BALD memecoin rug pull has sent shockwaves through the cryptocurrency community, triggering discussions about the necessity for heightened security measures and regulations in the space.
The BALD rug pull is a reminder of the risks and uncertainties associated with meme coins. What are your thoughts on this?
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