Controversy Surrounding the Bald Meme Coin: Where Did the Funds Go?
Crypto Twitter is buzzing with discussions about the alleged rug pull of the Bald meme coin. Here are the key points:
- Bald meme coin experienced a significant surge in market capitalization, reaching $85 million.
- This was followed by a sharp decline in value, indicating a potential rug pull.
- The creator of the coin admitted to manipulating liquidity through tweets.
- Igor Igamberdiev from Wintermute conducted research on the coin’s creators.
- There are indications that the creators have links to Alameda Research, a former subsidiary of FTX exchange.
Igor Igamberdiev’s investigation revealed the following details:
- An old wallet linked to the creator’s address shares a common FTX deposit account.
- This wallet has been involved in significant activity on various platforms since 2019-20.
- A different wallet address also exhibits patterns similar to FTX’s.
- Both wallets engaged in trading on platforms like dYdX, Compound, SushiSwap, and Stargate.
- The wallets’ activities align with FTX’s typical involvement in DeFi.
Hot Take: The investigation raises suspicions about the involvement of Alameda Research and FTX in the rug pull of the Bald meme coin. Investors should exercise caution and conduct thorough research before getting involved with similar projects.
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