A bubbling cauldron of speculations have recently kept Crypto Twitter abuzz. The new bone of contention – is Sam Bankman-Fried , aka SBF, the mastermind behind BALD, one of the latest meme coins on Base? This debate has gained momentum following a controversial revelation around the mysterious memecoin BALD, which humorously refers to Coinbase CEO Brian Armstrong. BALD’s stellar debut on July 30 that witnessed an astonishing 289,000% gain within the initial 24 hours of trading raised eyebrows. The suspense intensified when the token’s anonymous developer removed substantial ETH liquidity causing the price of BALD to nose-dive more than 85%, sparking allegations of a ‘rug pull’, a claim the developer vehemently denied.
Things took an intriguing turn when some blockchain enthusiasts, exploring the developer’s on-chain past, linked the Ethereum wallet address responsible for deploying BALD to SBF. They discovered substantial ETH funding from wallets associated with FTX and Alameda Research to the wallet address. The rumour mill got further fueled when data editor at Blockworks, Andrew Thurnam, noticed about 400 transfers from the same wallet address to blacklisted USDT addresses and “undeniable Alameda connections”.
While the rumours gained momentum, voices of scepticism resonated as well. Some argued that it was highly unlikely for SBF to indulge in such an act especially when he is under home arrest anticipating an October trial. His use of a basic flip phone without internet connection and strict restrictions on his internet usage add credibility to this counter argument. SBF’s visitors undergo stringent security checks and are prohibited from bringing outside electronic devices.
In this midst of this brewing controversy, some are interpreting the coincidentally timed launch and crash of BALD as an ingenious plot to supply the SEC Chair Gary Gensler with ammunition against Coinbase, a former rival of SBF’s FTX. Meanwhile, others have drawn eerie similarities between the developer and SBF, pointing out the commonalities in their social media post sentence structure.
While Crypto Twitter bustles with theories regarding SBF’s proposed involvement with BALD, it is essential to brush aside assumptions and wait for concrete evidence. The world of cryptocurrency is intriguing and unpredictable but indulging in conspiracy theories without substantial proof might not only pave the way for confusion but also unjustly tarnish reputations. It is thus necessary that while discussing such matters, prudence and caution must be exercised.
Source: Cointelegraph
