The token's price soared an astonishing 4,000,000% from its issuance, attracting over $68 million in investments. However, this remarkable journey took a dramatic turn when the rug was pulled, leaving thousands of holders in disarray. As the community tries to uncover the identities behind this apparent crypto scam, all eyes have turned to Sam Bankman-Fried, the founder of Alameda Research, for potential connections.
Ties to Alameda-Linked Wallets
On-chain data analysis has shed light on intriguing interactions between BALD's deployer contract and wallets associated with Alameda Research. Blockchain sleuths on social media platforms, like Twitter, discovered evidence pointing towards Alameda's involvement with the token. The data was later validated by CoinDesk, adding credibility to the suspicions.
Igor Igamberdiev’s Analysis
Igor Igamberdiev, Wintermute's head of research, dug deeper into the connections. He identified a wallet address, 0xccFa05, tied to Alameda. This address's owner demonstrated remarkable technical capabilities and extensive participation in the DeFi space. Activities ranged from trading on platforms like dYdX and Oasis to voting on SushiSwap's initial proposals. Although the evidence seemed to point to someone from Alameda, Igor dismissed the possibility of it being Sam Bankman-Fried himself.
Rise of BALD
Over the weekend, the buzz around meme coins, combined with the novelty of [Coinbase's](coinbase-consumer.sjv.io/anKdgR) new layer-2 blockchain Base, resulted in an influx of funds. BALD tokens attracted significant investments, pushing the market cap to a staggering $85 million. Traders, like @cheatcoiner, reportedly made millions from modest initial investments. However, Monday brought a sudden and unannounced withdrawal of liquidity from BALD's trading pairs, causing prices to plummet by up to 90%. Thousands of investors were left in disarray, questioning the authenticity of the project.
Base's Surprising Role
Ironically, the chaos surrounding BALD unfolded within the Base blockchain, which is yet to officially launch to the public. Coinbase built Base on OP Stack, and its testnet debuted in January, with access for builders available since mid-July. Despite limited traction, the allure of BALD sparked a rush in capital and users to the blockchain, leading to an unprecedented frenzy.
Unlikely Connection to Sam Bankman-Fried
While evidence suggests a connection between Alameda and BALD, the likelihood of Sam Bankman-Fried's direct involvement remains slim. Due to his bail conditions, the FTX founder's internet access is strictly controlled and restricted to specific websites related to news, sports, and education. Furthermore, his parents have installed monitoring software on their home connection to enforce these restrictions. Bankman-Fried is even limited to using a flip phone, further minimizing his online presence.
As the investigation into BALD continues, the cryptocurrency community remains vigilant, seeking answers to the web of connections that led to the rise and fall of this enigmatic token. While suspicions may linger, the true identities behind the project and its ties to Alameda Research are yet to be conclusively revealed. Traders and investors alike await further developments, hoping for transparency and accountability in an increasingly complex digital landscape.
