BALD: Another crypto scam!
Scams, hacks, crackdowns, aggressive regularization… so many stories tainting the cryptosphere. When will these terrible nightmares end? No one has the answer yet. We might as well be extra careful to avoid being ripped off by ill-intentioned project promoters like the scammers behind BALD.
BALD reduced to nothing after an astronomical rise
Like other crypto companies worthy of the name, Coinbase also set about launching its own Layer 2 Ethereum blockchain network. But Base’s test was so inconclusive that its first users were disappointed.
This widespread discouragement is now history, as the developers of BALD, a memecoin launched on Sunday July 30, have not hesitated to use Base to their triumph.
The “rug pull”, which reminds us of this strange Multichain story, has thus struck a new memecoin project inspired by Coinbase boss Brian Armstrong.
According to Cointelegraph, BALD posted a spectacular 289,000% rise in just 12 hours of trading. An unexpected success for a project that doesn’t even have an official website or objectives, let alone any utility or creator names mentioned anywhere.
CoinDesk has revealed, however, that this situation has prompted the developers of bald tokens (BALD) to withdraw millions of dollars in liquidity in this short ascension. BALD, which held 32 million ETH during the morning of July 31, saw its price plummet in bizarre fashion. On occasion, it lost its value of 0.09 a coin to trade at $0.01.
The same crypto media gave BALD a 4,000,000% rise, causing a massive influx of capital into the new crypto bridge.
The rug pull thesis
A “rug pull” is the practice of grabbing investor funds simply by launching a crypto project (token, NFT, platform…).
What happened with BALD leads us to conclude that this coinbase staked ether (cbETH)-financed project falls into this category.
It all began late on Saturday. Influencer @cheatcoiner promoted memecoin, claiming to have recouped 2% of the offer. After this “call”, crypto traders began to show interest in the project in question. Unwary followers bought in at high prices. They simply believed that BALD would be a good deal launched by someone at Coinbase.
BALD soon hit the bull market. And you know the rest.
In all the excitement, the caller amassed over $1.4 million. Yet he had only invested $500 at the outset.
BALD’s developers did everything they could to attract investors. In particular, they regularly added ether to a liquidity pool exchanging BALD tokens for ETH.
As a result, the exchange pair holds around 32 million in cash and 100 million in volume, CoinDesk points out.
In the meantime, 4 other addresses, each having invested around $1,000, offered themselves 50 million BALD just before the memecoin was issued. As soon as the price of memecoin climbed, they sold large quantities to the point of making huge profits of around 554 ETH.
SBF, BALD’s druid?
BALD wouldn’t have been such an intriguing success without a real magician behind it. Here’s a hypothetical name for the director of such a crypto scam.
Crypto trader HskaTrades doesn’t rule out the possibility of “ammunition” being handed over to a Gary Gensler in the midst of his battle with Coinbase.
Others have spotted similarities between Sam Bankman-Fried’s sentence structures and BALD’s tweets. What’s more, the portfolio dates back to the first votes cast on Sushi Swap.
But other Twittos rejected these accusations. They pointed out that SBF can only use a “flip phone without an Internet connection” at the moment. So, no access to Twitter.
In any case, this story smells a little fishy. Sure, memecoins can make you rich in no time, as the case of Pepe and Floki clones reminds us. But the fall can also be brutal. Especially with crypto scammers at the helm.
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La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose
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