Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result

Home » BALD Token Developer Denies Rug Pull As Price Falls 93% Since Launch

BALD Token Developer Denies Rug Pull As Price Falls 93% Since Launch

Emily Adams by Emily Adams
July 31, 2023
in Altcoin News, General News
Reading Time: 3 mins read
A A
0
bald token rug pull
Share on FacebookShare on Twitter
ADVERTISEMENT

In the shifting sands of cryptocurrency, a newly introduced digital asset named “BALD token” on Coinbase’s Base network suffered a devastating collapse of 85%, following accusations of a potential liquidity extraction by its creator, a transaction equivalent to around $1.9 million or 1,034 Ether. This shocking event triggered a storm of discourse across various social media platforms.

Watching the $BALD chart pic.twitter.com/2lc0HEVlNu

— WhaleFUD (@WhaleFUD) July 31, 2023

Contrary to the circulating rumors, the creator behind the BALD token has fiercely defended their position. In the face of accusations, they asserted that their interaction with the market was limited to the addition and removal of two-sided liquidity, negating any claims of having sold their stake.

The underlying data sourced from the blockchain presents a different aspect of the story, indicating a deduction of 374 ETH – a sum close to $696,598 – from the liquidity pool.

The Base network by Coinbase, established as a platform for developers on July 13, still awaits an official launch. Its developing team has urged common users to refrain from using the network due to the absence of a user-friendly interface for its bridge. The scheduled date for its official release to the public is in August, promising an accompanying bridge UI.

You May AlsoLike

Polymarket Bets

March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

March 1, 2025
Ethereum’s Pectra Upgrade

3 Essential Insights from Recent Developer Call on Ethereum’s Pectra Upgrade

March 1, 2025

Despite these cautions, the lure of potential early gains led several investors to procure assets on this yet-to-be-launched platform. These investors have deftly navigated their way around the network, utilizing development tools to transfer ETH from Ethereum to Base, notwithstanding the missing user interface.

A marked event unfolded on July 29, as a developer, choosing to remain anonymous under the alias “Bald,” declared the inception of the BALD token on the Base network with the specified address. The token witnessed an exponential surge of 289,000% in its initial 14 trading hours. However, this triumphant run was cut short on July 31, with news spreading on Twitter about the extraction of 1,034 ETH in liquidity from the token’s deployer account, resulting in a near-total crash of its price.

BALD token developers denied allegations

Denying allegations of market order sales in a social media post, the developer behind BALD maintained, “I didn’t sell a single token at any point since deployment. Just added/removed 2 sided liquidity and bought.” The ensuing debate on the interpretation of adding two-sided liquidity led to a concession by the developer who conceded that it could indeed be viewed as selling tokens.

$BALD deployer just removed 1034 ETH from Liquidity 😳😳😳

Others removed 6,800 eth and 1800 ETH from liq as well 😳😳😳https://t.co/A2357QUF0H pic.twitter.com/4lH8LHxv2v

— notEezzy 🧸 (@notEezzy) July 31, 2023

Digging deeper into the blockchain data, it becomes apparent that the BALD token was introduced by a specific account. Starting from 1:59 p.m. UTC on July 31, another account began executing a series of “renounce ownership” and “remove liquidity” function calls to this deployer account, resulting in a total of six “renounce ownership” and 30 “remove liquidity” calls. The transactions showed no recorded value or logs, thereby adding a layer of uncertainty over whether any tokens or ETH had been transferred through these transactions.

At 2:53 p.m. UTC, a “remove liquidity” transaction was made by the deployer account, which withdrew 374.4649549721529 Wrapped Ether (WETH) tokens (worth around $696,598) and 50,050,877 BALD tokens.

Regrettably, memecoin ventures have led investors to substantial losses in recent times. As an example, on July 26, investors collectively lost over $2 million due to the launch of Pond0x. A flawed transfer function in this particular token enabled users to transfer other users’ tokens without their knowledge or consent.

Tags: baldbald tokenRug pull
Share76Tweet48
ADVERTISEMENT
Previous Post

July’s Top 5 Cryptocurrencies: XDC, XRP, And More

Next Post

Crypto Downturn: Pepe And 4 Other Underperformers Saw Major Declines In July

Emily Adams

Emily Adams

For the past 2 years, Emily has been actively engaged in journalism, with a keen focus on blockchain and cryptocurrency for the last 1 year. Throughout her career, she has adeptly covered an array of topics, encompassing health and finance, showcasing her versatility and passion for writing. Here at Cryptomufasa Emily is handling the PR and editorial part.

Related Posts

Polymarket Bets
General News

March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

March 1, 2025
Ethereum’s Pectra Upgrade
General News

3 Essential Insights from Recent Developer Call on Ethereum’s Pectra Upgrade

March 1, 2025
Cramer Suggests Saylor Should Plan for a Strategic Bitcoin Reserve
General News

Cramer Suggests Saylor Should Plan for a Strategic Bitcoin Reserve

February 28, 2025
MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana
Crypto Wallets

MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

February 28, 2025
Bitcoin Bull Run Could Continue, says CryptoQuant CEO - Unless This Critical Threshold Is Breached
General News

Bitcoin Bull Run Could Continue, says CryptoQuant CEO – Unless This Critical Threshold Is Breached

February 28, 2025
Solana Futures Launch at CME Boosts Price Amid High Demand
General News

Solana Futures Launch at CME Boosts Price Amid High Demand

February 28, 2025
Next Post
Crypto Downturn: Pepe And 4 Other Underperformers Saw Major Declines In July

Crypto Downturn: Pepe And 4 Other Underperformers Saw Major Declines In July

Discussion about this post

Live Prices

Stay Connected

You May Also Like

  • MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

    MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

    196 shares
    Share 78 Tweet 49
  • Why the Bitcoin Halving Is Happening Sooner Than Anticipated

    237 shares
    Share 95 Tweet 59
  • Solana Futures Launch at CME Boosts Price Amid High Demand

    191 shares
    Share 76 Tweet 48
  • Cardano (ADA) Staking Now enabled by Trust Wallet

    190 shares
    Share 76 Tweet 48
  • March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

    196 shares
    Share 78 Tweet 49
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2024 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2024 CryptoMufasa - All Rights Reserved!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Don’t Miss Out on the Best in Crypto!

Stay ahead with a weekly digest of the top news and insights—no spam, no ads, just the essential updates delivered straight to your inbox. Subscribe now for valuable content you can trust!

johnsmith@example.com
subscribe to email

Never see this message again.