The recent downfall of the Bald memecoin has sparked a wave of speculation and conspiracy theories in the crypto community. Many believe that Sam Bankman-Fried, the founder of FTX exchange, or someone from Alameda Research, may be involved in the coin’s demise.
Bald experienced a rapid surge in value over the weekend, only to crash just as quickly when a significant amount of ETH was withdrawn from its liquidity pool. This sudden drop led to accusations of a rug pull, where developers abandon a project after making a profit.
The suspicion surrounding Bankman-Fried stems from the fact that an anonymous developer withdrew a substantial amount of ETH from the liquidity pool, causing Bald to lose over 90% of its value. While the developer has denied any involvement in a rug pull, the connection to Alameda Research adds another layer of intrigue to the story.
Igor Igamberdiev, Wintermute’s Head of Researcher, uncovered a link between the developer and Alameda Research. He found that an older wallet connected to the Bald deployer, the smart contract address used to create the memecoin, shared the same deposit account on FTX. This suggests a direct interaction between Alameda and the wallet, although Alameda’s activity ceased last summer.
The wallet in question was highly active on various platforms during 2019-2020, indicating significant financial resources and technical expertise. Igamberdiev’s findings point to the possibility that the former Alameda CEO, Sam Trabucco, may be involved instead of Bankman-Fried. The activity of the Bald deployer coincided with Trabucco’s announcement of leaving the firm, and there are correlations between the dates of the wallet’s activities and Trabucco’s tweets.
Andrew Thurman, Blockworks data editor, supports these findings, noting that the same wallet conducted nearly 400 transfers to blacklisted USDT addresses and has “serious Alameda connections.”
While the exact culprit behind the Bald memecoin’s downfall remains unclear, all signs currently point towards Sam Trabucco. Bankman-Fried is seen as an unlikely orchestrator of the fiasco, considering he has had limited access to technology since April 2023 due to his bail conditions.
As the SEC intensifies its scrutiny of the crypto market, this case highlights the need for transparency and accountability within the industry. Investors and users must remain vigilant and cautious when engaging with new projects, especially in the volatile world of memecoins.
Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official position of CrypTo Time. This article is for informational purposes only and should not be considered investment or financial advice.
