Mysterious Crypto Developer Sends 2,100 ETH to Kraken After Liquidity Rug Pull
The owner of the contract deployer of the BALD crypto, a scam coin, transferred 2,100 ETH to Kraken after wiping out all liquidity on the markets where the token was listed. The developer also withdrew 7,000 ETH from the layer-2 Base blockchain. The largest bridge withdrawal on Base was recorded. The scammer’s transfers were revealed by the blockchain analysis company Lookonchain.
Speculation on the Developer’s Identity and Potential Consequences
There is speculation that the developer behind BALD is Sam Bankman Fried, the former CEO of FTX exchange. If US regulators believe investors were cheated, they could ask Kraken to reveal the depositor’s identity. However, this is unlikely since the amount at stake is relatively small. The identity of the developer and owner of the BALD deployment contract remains a mystery.
The Rise and Fall of BALD
BALD, a coin belonging to the Layer-2 Base ecosystem, gained attention and liquidity before collapsing in just a few days. The token experienced a 4,000,000% growth and attracted many traders before the rug pull. The incident serves as a lesson about the risks of memecoin trading and the importance of doing thorough research.
The Developer’s Defense and Unanswered Questions
The BALD deployer defended their actions, stating that they had the right to remove liquidity and do as they wished with the assets. However, questions remain about the legality and ethics of the sale. The developer’s identity and the connection to Sam Bankman Fried’s Alameda research firm are still unknown.
Closing Thoughts: Lessons Learned and Caution Advised
The rise and fall of BALD highlight the risks and volatility of memecoins. Traders should be cautious and not be swayed by promises of future success. Bitcoin and Ethereum remain the most reliable investments in the crypto market.
By
By
By
By