BALD Memecoin Plummets Over 87% Amidst Liquidity, Is SBF Behind the BALD Token Rugpull?

The post BALD Memecoin Plummets Over 87% Amidst Liquidity, Is SBF Behind the BALD Token Rugpull? appeared first on Coinpedia Fintech News

the meme cryptocurrency BALD (BALD) experienced a drastic drop of more than 87% in the past 24 hours, plunging its value to around $0.00616 during the early European market on Tuesday. The sudden and significant price decline was attributed to an alleged liquidity drain, leaving traders scrambling to exit the risky meme coin. The deployer, however, denies any wrongdoing, despite evidence indicating otherwise.

The tumultuous day began with BALD enjoying soaring profits on its first day of trading, only to take an unexpected nosedive in value shortly after. The cryptocurrency, which is based on Coinbase-backed Base L2, became the target of suspicion when approximately $22 million worth of liquidity, equivalent to 12,433 ETH, was removed from the market. This act left traders grappling to salvage their investments in vain, leading to a substantial decline in the coin’s value.

Liquidity Drain Sparks Chaos:

On-chain analysis conducted by the prominent platform PeckShieldAlert has uncovered compelling evidence linking the BALD deployer to major cryptocurrency exchanges, including FTX, Binance, and Coinbase. The deployer’s alleged involvement with these exchanges has raised serious concerns about the legitimacy of the project and the intentions behind its creation.

In an unexpected twist, the deployer took to Twitter to refute the claims made against them, asserting that they had not sold any tokens since the deployment. Instead, they asserted that they merely manipulated liquidity and made purchases. The tweet has added fuel to the fire, as it appears to contradict the evidence gathered by blockchain experts.

Is Sam Bankman-Fried Behind Rugpull?

Experts investigating the case have pointed to 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 has reportedly conducted around 400 transactions and was found to have interacted with addresses blacklisted by USDT.

Moreover, the deployer’s history of being the first voter on all sushi proposals and being the largest DYDX farmer has raised eyebrows among analysts. They note that the sentence structure of the BALD deployer’s tweets bears striking similarities to that of SBF, further linking the two entities.

The fallout from the BALD memecoin rug pull has sent shockwaves through the cryptocurrency community, sparking conversations about the need for increased security measures and regulations in the space. Traders and investors are now left to ponder the risks and uncertainties surrounding meme coins and the potential for manipulation by unknown actors.

As the investigation into the BALD meme coin debacle unfolds, market participants and authorities are likely to scrutinize the cryptocurrency landscape more closely, seeking to protect investors and maintain the integrity of the market.