key takeaways:
- The links between Sam Bankman-Fried (SBF) and the BALD liquidity rug pull have been revealed.
- Over the course of two years, FTX and Alameda allegedly deposited funds into the BALD developer’s wallet.
In the world of cryptocurrencies, where innovation and opportunities abound, scams and fraudulent schemes have also found their way into the ecosystem. One recent development that has raised eyebrows is the alleged involvement of prominent crypto figure Sam Bankman-Fried in a crypto scam known as BLAD.
The cryptocurrency community on social media has been ignited with fervent discussions surrounding a new conspiracy theory implicating FTX founder, Sam Bankman-Fried, in the creation of the controversial memecoin, BALD, recently launched on Base.
Dubbed in jest after Coinbase CEO Brian Armstrong, the BALD memecoin experienced an astonishing 289,000% surge in value within just 24 hours of its initial trading on July 30.
Blockchain analysts have pointed to on-chain data, revealing connections between the deployer contract of BALD and one of the wallets linked to Alameda Research – a trading firm established and overseen by Sam Bankman-Fried himself.
Adam Cochran, a partner at Cinneamhain Ventures, took to Twitter to express concerns about the potential involvement of Sam Bankman-Fried (SBF) or someone associated with Alameda Research in the development of the BALD memecoin.
Cochran’s tweet indicated that the majority of the BALD development team appears to be linked to SBF or Alameda Research. Furthermore, Cochran pointed out that the same wallet address involved in the BALD project was also associated with the SushiSwap community in the past, making the early votes on SushiSwap governance seem suspicious.
Cochran mentioned that during the period when SushiSwap creator Chef Nomi stepped back and the community took over, SBF was actively participating in posting snapshot votes.
Notably, Bankman-Fried earned recognition for his involvement in rescuing funds from Uniswap and transferring them to SushiSwap in September 2020.
One of the voices behind the conspiracy theory is a decentralized finance (DeFi) commentator known as Downsin, who suggested that the link between the BALD developer and SBF might be an attempt by SBF to recover losses, even going so far as to suggest it as a potential motive behind the project.
However, it is essential to clarify that Sam Bankman-Fried is not in prison; rather, he is currently under house arrest awaiting his trial in October. During this time, he is confined to his parent’s residence in California.
As with any conspiracy theory, it is crucial to treat the information with caution and await official statements or concrete evidence before drawing conclusions. The crypto community remains attentive to developments, and transparency is critical in addressing any potential concerns regarding the involvement of prominent figures in cryptocurrency projects.
