Blockchain sleuths have uncovered a startling connection between the BALD liquidity rug pull and one of the most influential figures in the crypto world, Sam Bankman-Fried, former CEO of FTX.
The rug pull, which left investors reeling, has been traced back to the BALD Blockchain project, a once-promising platform aiming to revolutionize financial systems.
Source: Flickr
The revelation that Bankman-Fried, the renowned crypto entrepreneur and founder of FTX Exchange, may be involved in this scandal, comes with a shock .
The focus of the research is a strange wallet connected to the BALD creator. The Twitter user @redacted posted an Onchain Data that shows links between Alamedia Research wallet address and BALD.
Adam Cochran, a partner at Cinneamhain Ventures, tweeted his thoughts about a possible link between the wallet and Sam Bankman-Fried or another person directly connected to Alameda or FTX.
It should be noted that this wallet had previously participated in community events on SushiSwap, suggesting a potential past connection.
In addition, some people have expressed concern over the language overlap between Bankman-Fried’s personal tweets and those from the BALD Twitter account.
Additionally, on-chain activity seems to coincide with crucial times in Bankman-Fried’s court cases and bail dates, lending further support to the investigation’s conclusions.
However, Igor Igamberdiev, Head of Research at Wintermute, says this rug pull might be linked to Alameda Research only. Since the data only shows Alameda’s involvement, it might be one of the members from that firm. But there is no evidence that shows SBF is not involved, so the allegation still remains unclear.
BALD: $100 Million Memecoin Became Worthless Overnight
On July 30, BaldBaseBald (BALD), a meme coin, went live on Base Network, Coinbase’s new Layer 2 based on optimism. The coin served as a focal point for traders on the frontier chain and made reference to Coinbase’s “bald” creator, Brian Armstrong.
The token’s market cap increased to $100 million in just two days, with over $25 million in liquidity. The deployer of the token, BaldBaseBald, however, withdrew the coin, causing its price to fall by 85%, and the token’s spectacular rise turned out to be a classic example of market manipulation.
“And with that, the story of BALD has come to a close, play stupid games, win stupid prizes. Hopefully we can learn from this as a space this market is rife with market manipulation and unethical shills. Be careful who you trust.”
Thiccy a crypto analyst tweeted.
