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BALD token creator refutes allegations of rug pull as value declines by 85% following launch.
A newly introduced memecoin on Coinbase’s Base network experienced an 85% decline after its creator reportedly withdrew 1,034 Ether in liquidity, valued at around $1.9 million, from the market, as indicated by social media reports and blockchain data. The developer of Bald (BALD) refuted claims of conducting any market sales of the coin, asserting, “[I] just added/removed 2 sided liquidity and bought.”
Watching the $BALD chart pic.twitter.com/2lc0HEVlNu
— Whale (@WhaleChart) July 31, 2023
Coinbase’s Base network was launched for developers on July 13. However, the development team has advised regular users against utilizing the network, as it currently lacks a functional user interface (UI) for its bridge. The team intends to officially launch the network for users in August, at which time a bridge UI will be provided.
In spite of these cautions, some investors have pursued early profits by acquiring assets on the network prior to its official launch. They have accomplished this by employing development tools to transfer Ether (ETH) from Ethereum to Base without a UI.
On July 29, a pseudonymous developer known as “Bald” announced the introduction of the BALD token on Base at address 0x27D2DECb4bFC9C76F0309b8E88dec3a601Fe25a8.
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The token surged by 289,000% within the initial 14 hours of trading. However, on July 31, Twitter users began to report that the token’s deployer account had withdrawn 1,034 ETH in liquidity, leading to a drastic drop in its price.
$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
In a social media statement, the BALD developer denied executing token sales through a market order, claiming, “I didn’t sell a single token at any point since deployment. Just added/removed 2 sided liquidity and bought.” In response, one coin collector contended that adding two-sided liquidity constitutes selling tokens, to which the BALD developer acknowledged, “correct.”
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Blockchain data indicates that the BALD token was deployed by account 0xccfa0530b9d52f970d1a2daea670ce58e4176389, which withdrew 1,009.41 Wrapped Ether (WETH) in liquidity at 12:13 pm UTC on July 31.
Investors have incurred substantial losses from unsuccessful memecoin launches recently. On July 26, over $2 million was lost following the launch of Pond0x, which reportedly featured a defective transfer function that permitted any user to transfer another user’s tokens without authorization.
