Crypto Twitter Abuzz with Conspiracy Theory on FTX Founder and BALD Memecoin
- BALD memecoin, inspired by Coinbase CEO Brian Armstrong, gained 289,000% in the first 24 hours
- After the developer removed ETH liquidity, the price dropped 85% and allegations of a rug pull emerged
- Sleuths found a link between the developer’s wallet and FTX and Alameda Research
- Rumors suggested FTX founder Sam Bankman-Fried (SBF) was behind BALD to make up for fraud
- Further speculation pointed to a potential conspiracy involving SEC Chair Gary Gensler and Coinbase
Conspiracy Theories Debunked by Crypto Influencers
- SBF is under house arrest and restricted from internet usage, making it unlikely he launched BALD
- Tiffany Fong confirmed SBF has been using a flip phone without internet connection since April
- SBF does not have access to Twitter and all visitors are searched for electronic devices
- Other traders and influencers dismissed the conspiracy theories as unfounded
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Hot Take: Conspiracy Theories Unlikely, SBF’s Restrictions Make Involvement Unfeasible
While the crypto community thrives on speculation and conspiracy theories, it seems highly unlikely that FTX founder Sam Bankman-Fried is secretly behind the controversial BALD memecoin. The restrictions imposed on SBF during his house arrest, including limited internet access and no access to social media, make it implausible for him to orchestrate such a scheme. Crypto influencers and traders have dismissed the theories as unfounded, emphasizing the lack of evidence and the stringent conditions under which SBF is operating. As the crypto world continues to evolve, it’s important to critically assess and question information before jumping to conclusions.
