Scams, hacks, repressions, aggressive regularization… so many stories that taint the crypto-sphere. When will these terrible nightmares end? No one has the answer to this question yet. As much increase vigilance to avoid being fleeced by ill-intentioned project promoters such as the scamers behind BALD.
BALD reduced to nothing after an astronomical ascent
Like other crypto companies worth their salt, Coinbase also began to launch its own Layer 2 Ethereum blockchain network. But the Base test was not conclusive to the point of disappointing its first users.
This widespread discouragement is now history because the developers of BALD, a memecoin launched on Sunday July 30, did not hesitate to use the Base to triumph.
” Over the weekend [dernier]someone created a memecoin called Bald on BASE (ETH L2 from Coinbase) which reached a market cap of $85 million in 48 hours.
He got rug pulled and dropped 85% almost instantly. »
The “rug pull”, which reminds us of the strange history of Multichain, has therefore hit a new project of memecoin inspired by Brian Armstrongthe boss of Coinbase.
According to CointelegraphBALD posted a dramatic increase of 289,000% in just 12 hours of trading. An unexpected success for a project that doesn’t even have an official website or goals, let alone utility or designer names mentioned anywhere.
CoinDesk revealed, however, that this situation caused the developers of bald tokens (BALD) to withdraw millions of dollars of liquidity in this short ascent. BALD, which held 32 million ETH during the morning of July 31, saw its price plummet in a strange way. On occasion, it lost its value from 0.09 a coin to trade at $0.01.
Same Crypto Media Grants BALD an increase of 4,000,000% having caused a massive influx of capital to the new crypto bridge.
” BALD withdraws over 7,000 ETH of liquidity. The price collapses. »
The rug-pull thesis
A “rug pull” is called a practice aimed at hoarding funds from investors by simply launching a crypto project (token, NFT, platform, etc.).
What had happened with BALD leads us to conclude that this coinbase-funded staked ether (cbETH) project is one of them.
It all started late Saturday afternoon. The influencer @cheatcoiner made the promotion of memecoin by claiming to have recovered 2% of the supply. After this “call”, crypto traders began to take an interest in the project in question. Inattentive followers bought at high prices. They just believed that BALD would be a great deal started by someone at Coinbase.
Quickly, BALD experienced its bull market. And you know the rest.
In this excitement, the author of the call raised more than 1.4 million dollars. However, he had invested only 500 dollars at the beginning.
BALD Developers have done everything to entice investors. In particular, they regularly added ether to a liquidity pool exchanging BALD tokens for ETH.
As a result, the trading pair holds approximately 32 million cash and 100 million volumeprecise CoinDesk.
In the process, 4 other addresses having invested about 1,000 dollars each offered themselves 50 million BALD just before the issuance of the memecoin. As soon as its price rose, they sold it in large quantities to the point of realizing pharaonic profits of around 554 ETH.
” These 4 addresses spent $0.534ETH ($1K) to buy 50M $BALD (50% of total supply) within 4 minutes of starting $BALD trading).
They then sold $37 million BALD for $534 ETH ($1.04 million).
They won $1M with $1K in 1 day! “.
SBF, BALD’s druid?
BALD would not have had this intriguing success without a real magician behind. Here is a hypothetical name for the director of such a crypto scam.
” Just to let you know.
SBF, the guy with the fake cryptocurrency exchange and responsible for one of the biggest frauds in history, launched a possibly $30 million scam last weekend under a memecoin called BALD. While under house arrest in his parent’s basement using the blockchain of a man who was one of his biggest competitors (and who was also bald) and he thought no one would notice and I don’t know what drug he’s on, but it’s ‘goog god man’. »
Crypto trader HskaTrades does not rule out the possibility of a delivery of “ammunition” into the hands of a Gary Gensler in the middle of a fight against Coinbase.
Others have spotted similarities between Sam Bankman-Fried’s sentence structures and BALD’s tweets. In addition, the wallet dates from the first votes on Sushi Swap.
But other Twitter users have dismissed these accusations. They reminded on occasion that SBF can only use a ” flip phone without internet connection “. So, impossible to access on Twitter.
In any case, this story smells scorched. Of course, memecoins make people rich in no time, as the case of the Pepe and Floki clones reminds us. But the fall can also be brutal. Especially with crypto scammers at the helm.
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