TL;DR Breakdown
- Sam Bankman-Fried’s (SBF) links to the BALD liquidity rug pull have been exposed.
- Crypto Twitter points out similarities between phrases used by the BALD Twitter account and SBF.
- FTX and Alameda allegedly deposited into the BALD developer’s wallet over two years.
- Certain crypto experts argue that it is improbable for SBF to be involved due to the stringent restrictions on internet usage as part of his bail conditions.
Description
On Monday, an unidentified developer drained all the liquidity from the BALD meme coin on the Ethereum layer-2 network Base. Certain observers in the blockchain community suggest that the wallets utilized by the responsible party seem to be linked to Sam Bankman-Fried(SBF), the previous CEO of FTX, who is currently under house arrest. SBF links … Read more
On Monday, an unidentified developer drained all the liquidity from the BALD meme coin on the Ethereum layer-2 network Base. Certain observers in the blockchain community suggest that the wallets utilized by the responsible party seem to be linked to Sam Bankman-Fried(SBF), the previous CEO of FTX, who is currently under house arrest.
SBF links to BALD meme coin scandal
Adam Cochran, a partner at Cinneamhain Ventures, mentioned in a Twitter post that the developer behind BALD is likely to be SBF or someone affiliated with Alameda. Cochran pointed out that the same wallet address had been previously associated with the SushiSwap community. He also expressed suspicion regarding the early votes on Sushi governance, noting that when SushiSwap creator Chef Nomi left and the community took over, there were only a few individuals actively participating, with SBF being the prominent figure posting snapshot votes.
In September 2020, Bankman-Fried received recognition for safeguarding funds from Uniswap by transferring them to SushiSwap. Cochran added that he is highly confident, about 99%, that the developer behind BALD is someone from Alameda, FTX, or SBF himself. Some former FTX colleagues who also suspect Bankman-Fried’s involvement echoed this sentiment.
Furthermore, other observers pointed out similarities between phrases used by the BALD Twitter account, such as “quite well” and “nor,” which were akin to SBF’s Twitter posts. Pseudonymous investor Hype tweeted that the on-chain activity aligns with Bankman-Fried’s court and bail dates, adding that the language used by the Bald deployer DYDX resembles that of Bankman-Fried, which another user backed, Ryan Adams.
According to a crowdsourced Reddit inquiry, FTX and Alameda are said to have made deposits into the BALD developer wallet over two years. Currently, the wallet holds approximately 12,331 ETH, valued at around $22 million.
Adding to the intrigue, a Twitter user highlighted that an address that frequently deposited funds into the BALD deployer’s Binance wallet seems to be one of the wallets responsible for triggering the significant depeg of Terra USD back in May of the previous year. This observation adds further complexity to the unfolding story.
Some believe SBF isn’t involved
Certain crypto experts argue that it is improbable for SBF to be involved in such a scheme due to the stringent restrictions on internet usage as part of his bail conditions.
Crypto influencer Tiffany Fong, who has had multiple conversations with SBF since his arrest, strongly criticized the conspiracy theories surrounding him. She clarified that SBF has been using a “flip phone without internet connection” since the court revised his bail conditions in April. In a subsequent post, she expressed her frustration with Crypto Twitter and referred to some of the speculation as “mentally ill.”
Fong further emphasized that SBF does not have access to Twitter, making claims that he is associated with Bald due to sentence structure appear far-fetched to her, finding it humorous that some were making such assumptions. Fong also pointed out that strict security measures are in place for all visitors to SBF, such as they could not bring in any external electronic devices.
In line with Fong’s perspective, pseudonymous trader HORSE also expressed skepticism about the likelihood of SBF’s involvement in the scheme. He encouraged his 180,000 followers not to indulge in conspiracy theories and humorously suggested they remove their “tinfoil hats.”
BALD’s quick rise and fall
During the past weekend, Coinbase‘s new layer-2 blockchain, Base, attracted significant attention as traders saw the potential for meme coin profits in a market lacking exciting opportunities. The platform attracted around $68 million in ether (ETH) and witnessed trading volumes exceeding $200 million. Investors were drawn to purchase Bald (BALD) tokens, leading to a surge in market capitalization to $85 million by late Sunday. Some traders, like @cheatcoiner, reportedly made impressive gains, earning over $1.4 million from an initial investment of $500.
However, the excitement turned into turmoil on Monday when the BALD deployers unexpectedly withdrew millions of dollars in liquidity from the token’s trading pairs. This unannounced move left many token holders in a difficult situation and prompted a panic sell-off, causing prices to plummet by up to 90%.
Ironically, this dramatic rollercoaster ride happened even though the Base blockchain hasn’t been officially opened to the public yet. The creators anticipated its proper launch to occur later in the year.
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