In recent months, the altcoin community has been captivated by the story of the mysterious token known as “Bald” (BALD). Deployed on Coinbase’s Base network, this token’s journey is one that exemplifies both the potential and pitfalls in the world of meme coins. Let’s examine the story of Bald’s meteoric rise and fall. Because all of this has been edited by an elusive developer whose actions have baffled traders.
Altcoin project plummets after going viral
As we reported on Kriptokoin.com, Bald took the stage at the beginning of August, creating a wave of excitement in the crypto community. The catalyst for its explosive rise was a viral post that showed a trader turning $500 into a small fortune. It attracted attention and investment. In just a few days, the token had grown by an astronomical 4,000,000 percent, reaching a dazzling market cap of $85 million. The prospect of incredible returns in a stagnant market has promised a new sensation similar to the Shiba Inu, attracting over $66M in ETH to the Bald ecosystem.
The tokens controlled by the deployer address, including liquidity tokens, are owned by the deployer who reserves the right to do whatever with them.
— Bald (@BaldBaseBald) August 1, 2023
The lure of seemingly unlimited liquidity, a thriving community, and the hope of catching the next meme coin phenomenon have blinded many to the inherent risks. However, this enthusiasm was short-lived. Because Bald collapsed as quickly as he had come forward. The developer behind the token, known simply as “Bald”, took actions that triggered an appalling drop in value. Adding a significant amount of liquidity to a pool on the Leetswap exchange, the distributor apparently established the token as a well-funded project and strengthened the illusion of stability.
just to catch you up
SBF the guy with the fake crypto exchange and responsible for one of the biggest frauds in history may have launched a $30m scam last weekend under a memecoin called BALD while on house arrest in his parents basement using the blockchain of a man who was… pic.twitter.com/VjnSJCxg0E
— RYAN SΞAN ADAMS – rsa.eth (@RyanSAdams) July 31, 2023
Token price crashed 90 percent overnight
However, under that facade, a different narrative was unfolding. The developer has withdrawn millions of dollars worth of liquidity, causing the token price to drop by a staggering 90%. Investors rushed to the exits, swept away by a whirlwind of uncertainty and confusion. As the sensitivity waned, dreams of wealth turned to dust and Bald’s true nature was revealed. The identity of the developer behind Bald remains a mystery. Despite the community’s fervent sleuthing, the real person or group behind the nickname “Bald” still remains a mystery. Speculation and theories abound, with some pointing to prominent names in the crypto world, including FTX’s Sam Bankman-Fried.
Bald Deployer has successfully bridged 7,000 $ETH ($12.9M) from the #Base network back to #Ethereum and deposited 2,100 $ETH($3.87M) to #Kraken.
There are currently 2,000 $ETH ($3.7M) in bridging and 2,237 $ETH ($4.13M) in the #Base network.https://t.co/mtko220gTR pic.twitter.com/BdB5QIob0s
— Lookonchain (@lookonchain) August 14, 2023
Some researchers have implied a link between the distribution wallet and Mike McDonald, a crypto enthusiast. A transaction from 2021 shows a link between McDonald’s and Bald coin’s distribution address, raising curiosity about its role in the token’s creation. Recent developments have further raised suspicions of an exit scam. Bald distributors have bridged a significant amount of ether, equivalent to millions of dollars, from the Base network to Ethereum. Significant amounts of money have been invested in exchanges, including Kraken, pointing to a potential sale.
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