• News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Market Cap
  • Shop
What's Hot

Types, Use Cases and Why They Matter

2025-05-24

What’s the Real Difference for Beginners?

2025-05-24

What Is Circulating Supply in Crypto? A Beginner’s Guide to Token Supply

2025-05-23
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Financial Disclosure
Twitter Instagram YouTube
Crypto Semantic
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT

    All Eyes on Art: Upcoming Collections to Watch the Week of January 28

    2025-02-03

    Op-Ed: The Artist and the Artificial Sublime

    2025-01-20

    Zora launches onchain NFT secondary markets with Uniswap

    2024-08-12

    NFT sales surge led by DMarket on Ethereum

    2024-08-12

    Top NFT Collections by Sales This Week: DMarket Surges Ahead

    2024-08-11
  • Metaverse

    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    2024-12-13

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    2024-10-28

    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

    2024-09-05
  • Analysis

    Analyst Says Momentum Is Going To Switch to Ethereum, Predicts Capital Rotation to Altcoins

    2024-02-20

    Bitcoin Price Rally In Jeopardy? Decoding Key Hurdles To More Upsides

    2024-02-19

    Arweave’s AR token hits 18-month high amid rapid growth and innovation

    2024-02-19

    Largest Bitcoin Whales Gobble Up Nearly $13,000,000,000 Worth of BTC in 2024 Alone: Santiment

    2024-02-19

    NEAR Skyrockets 30% – Investors Intrigued By These Metrics

    2024-02-19
  • Learn

    Types, Use Cases and Why They Matter

    2025-05-24

    What’s the Real Difference for Beginners?

    2025-05-24

    What Is Circulating Supply in Crypto? A Beginner’s Guide to Token Supply

    2025-05-23

    What Is a DEX? How DEXs Work and Why They Matter

    2025-05-21

    What Is Blockchain? Blockchain Technology Explained for Beginners

    2025-05-21
  • Market Cap
  • Shop
Crypto Semantic
Home»NFT»New Memecoin ‘Bald’ Already Dubbed a “Rug Pull”
NFT

New Memecoin ‘Bald’ Already Dubbed a “Rug Pull”

2023-07-31No Comments4 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Only a day after its introduction on crypto alternate big Coinbase and its not too long ago launched Base community, a brand new memecoin has already been labeled and thought of a “rug pull” after the token’s deployer eliminated $25.6 million {dollars} in liquidity from the community. 

BALD, which dropped yesterday, pokes enjoyable at Coinbase CEO Brian Armstrong’s lack of hair. And since yesterday’s deployment, which garnered a 3,000% improve in BALD’s total worth, the coin has already plunged by 92%, in keeping with information from CoinGecko.

Over the weekend somebody created a memecoin referred to as Bald on BASE (Coinbase’s ETH L2) that reached a $85mm mkt cap in 48 hours

Simply received rug pulled and dropped 85% nearly immediately pic.twitter.com/5cAs4aAbuZ

— Will Clemente (@WClementeIII) July 31, 2023

The Onchain Intrigue Telegram Channel, which screens such actions, traced the pockets related to the BALD token, revealing that the pockets went again onto the decentralized alternate LeetSwap to buy extra BALD tokens, whereas concurrently sending a really unusual tweet that seems to be guiding customers to purchase extra of the token – earlier than eradicating all of the liquidity once more. 

Looks like the BASE chain can deal with heavy load fairly effectively

— Bald (@BaldBaseBald) July 31, 2023

Following quite a lot of allegations that the memecoin was a rip-off, that very same account (@BaldBaseBald) denied any allegations of getting bought the tokens, as a substitute, claiming to have “added/eliminated 2 sided liquidity and purchased.” Nevertheless, one other person contradicted this assertion, who highlighted that the token had certainly been bought.

Cool story bro however as you understand, if you add 2 sided liquidity and worth goes up, the AMM is promoting tokens in alternate for ETH within the pool.

So sure, you probably did in reality promote a whole lot of tokens and now have much more ETH.

Not judging you, simply making it crystal clear.

— StealthElectronVIP (@StealthElectron) July 31, 2023

In a latest interview with Decrypt, Matt Aaron, the venture lead at Cielo, which oversees Onchain Intrigue, described this example as “puzzling” as a result of the pockets transferring the funds was thought of to be a “refined whale” that holds massive quantities of Coinbase’s Ethereum liquid staking token cbETH, which could be purchased, bought, and swapped for different digital belongings. 

See also  Sound.xyz Minted 150,000 Music NFTs, Impressive Start On Optimism

Aaron additionally added that this identical pockets “allegedly…KYC’s their pockets on a centralized alternate.” 

Crypto Twitter commentators have been intently following the unfolding occasions, with some even speculating that former FTX CEO Sam Bankman Fried or one other highly-situated former FTX or Alameda govt could possibly be the developer behind the ill-fated memecoin. Observers pointed to FTX and Alameda deposits within the developer’s pockets’s transaction historical past over the span of greater than two years.

To Summarize:

– Hundreds of ETH between FTX and Bald
– Bald deployer was first voter on all sushi proposals
– Bald deployer tweets identical sentence construction as SBF
– Bald deployer was greatest DYDX farmer
– Bald deployer DYDX posts sound like SBF

(1/x) 👇

— hype (@hype_eth) July 31, 2023

Nevertheless crypto journalist Tiffany Fong was fast to shoot down the SBF hypothesis, citing the restricted telephone, laptop computer, and Twitter entry in his present bail situations.

Guys, SBF hasn’t had entry to a standard telephone or laptop computer since April 2023 when his bail situations modified. He is principally been utilizing a flip telephone with out web connection & a laptop computer with restricted entry to whitelisted web sites (e.g. NYT, WSJ, Courtlistener, and so forth).

Observe: He…

— Tiffany Fong (@TiffanyFong_) July 31, 2023

Who will we blame?

A “rug pull” within the crypto world refers to a misleading technique the place builders introduce a brand new token, create an phantasm of its legitimacy, after which abruptly withdraw the liquidity, leaving buyers within the lurch.

The incident with the BALD token underscores the challenges and vulnerabilities inherent in an evolving crypto panorama with no official regulatory framework to manipulate misuse and abuse instances to the detriment of buyers.

See also  Popular Crypto Trader Says Altcoins Are Breaking Out, Points to Huge Explosion by New Memecoin

Sadly, the dangers we’ve got continued to see inside DeFi add a stronger onus on regulators and platforms to implement strong safety measures to assist safeguard most of these scams. However, can a “rug pull” truly be prevented at this present stage of the place we’re at? 

Uncertain.

Coinbase, which is taken into account to be one of many world’s largest cryptocurrency exchanges, will possible face elevated scrutiny within the wake of this incident. How the corporate responds and the measures it adopts will likely be intently watched, not simply by its person base, however by the broader crypto group.

Editor’s observe: This text was written by an nft now workers member in collaboration with OpenAI’s GPT-4.



Source link

Bald Dubbed Memecoin Pull Rug
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Creator of over 100 memecoins says rug pulls are the ‘easiest way to make money’

2025-05-18

Safemoon executive pleads guilty in $200M fraud case as project pivots to memecoin strategy

2025-02-21

All Eyes on Art: Upcoming Collections to Watch the Week of January 28

2025-02-03

Trump family’s memecoin launches spark frenzy of scam tokens

2025-01-21
Add A Comment

Leave A Reply Cancel Reply

Top Posts
Regulation

Federal Reserve shuts down Farmington Bank over unapproved stablecoin project

2023-08-17

The Federal Reserve took motion in opposition to Farmington State Financial institution on Aug. 17,…

Metaverse

Industrial Metaverse Impact: Insights from Nokia and EY

2023-06-12

A latest research “The Metaverse at Work,” performed by Nokia and EY, examines the advantages…

Bitcoin

Chainlink surges 15% in a week as Bitcoin and Ethereum lag behind

2023-09-24

Journalist Posted: September 24, 2023 LINK ranks because the crypto asset with probably the most…

Subscribe to Updates

Get the latest news and Update from Crypto Semantic about Crypto, Metaverse and NFT.

About
About

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Twitter Instagram
Popular Post

Solana DePIN Ambient gears up with new funding and acquisition

2024-05-08

Deposit Tokens Are a Way Into DeFi

2023-03-17

SushiSwap: This new tokenomics model to be introduced following $3M hack

2023-04-27

Get the latest news and Update from Crypto Semantic about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Financial Disclosure
© 2025 cryptosemantic.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • Kinza Babylon Staked BTCKinza Babylon Staked BTC(KBTC)$83,270.000.00%
  • Vested XORVested XOR(VXOR)$3,404.231,000.00%
  • ICPanda DAOICPanda DAO(PANDA)$0.003106-39.39%
  • bitcoinBitcoin(BTC)$108,926.00-0.76%
  • ethereumEthereum(ETH)$2,558.08-0.85%
  • tetherTether(USDT)$1.000.01%
  • rippleXRP(XRP)$2.35-1.05%
  • binancecoinBNB(BNB)$673.850.00%
  • solanaSolana(SOL)$176.75-3.18%
  • usd-coinUSDC(USDC)$1.000.00%
bitcoin
Bitcoin (BTC) $ 108,904.18
ethereum
Ethereum (ETH) $ 2,554.03
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.35
bnb
BNB (BNB) $ 673.86
solana
Solana (SOL) $ 176.41
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.227863
cardano
Cardano (ADA) $ 0.758826
tron
TRON (TRX) $ 0.271761