The crypto community speculates that Sam Bankman-Fried could be behind the new meme coin, BALD.
The BALD meme coin, making fun out of Coinbase CEO Brian Armstrong’s absence of hair, was launched on July 31. The meme coin gained an incredible 289,000% within the first 24 hours of trading.
steady lads— Bald (@BaldBaseBald) July 31, 2023
However, its value dropped rapidly, losing 85% after its developer pulled 1,034 Ether (ETH) in liquidity, worth approximately $1.9 million of market value.
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Could SBF be behind BALD?
There are different opinions towards SBF and BALD among the crypto community. Some people state that SBF could be behind BALD, and some other players deny it. Also, there are some rumors about the alleged involvement of Coinbase CEO Brian Armstrong in the meme coin.
The discussion between BALD and SBF started with an initial post on Twitter made by “@hype_eth,” who pointed out some key points between SBF and the memecoin.
To Summarize:– Thousands of ETH between FTX and Bald– Bald deployer was first voter on all sushi proposals– Bald deployer tweets same sentence structure as SBF– Bald deployer was biggest DYDX farmer– Bald deployer DYDX posts sound like SBF(1/x) 👇— hype (@hype_eth) July 31, 2023
Ethereum advocate Ryan Sean Adams added:
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
Also, the industry analyst Colin Wu used the Arkham Intelligence’s software to see the transfers on the address. He explained that the address had “frequent and large transfers of funds with the FTX.” He added that another address of the owner had “$20 million in fund transactions with Alameda-related addresses.”
It is rumored that the Memecoin BALD deployer (0xcc…6389) may be a person related to FTX or Alameda, and some even think it is SBF himself. The address had frequent and large transfers of funds with the FTX, and another address of owner had $20 million in funds transactions…— Wu Blockchain (@WuBlockchain) August 1, 2023
Conspiracy theory meets arguments
But there are also some players in the crypto industry that disagree with the theory of SBF involvement behind the BALD memecoin.
Tiffany Fong’s opinions play an important role, as the blogger interviewed SBF during his home stay after the arrest. She added, “SBF hasn’t had access to a normal phone or laptop since April 2023, when his bail conditions changed.”
Guys, SBF hasn’t had access to a normal phone or laptop since April 2023 when his bail conditions changed. He’s basically been using a flip phone without internet connection & a laptop with restricted access to whitelisted websites (e.g. NYT, WSJ, Courtlistener, etc). Note: He…— Tiffany Fong (@TiffanyFong_) July 31, 2023
Also, @scottmelker explained that SBF has no internet access, computer, or phone, and that he is currently under house arrest and at risk of going to jail forever.
Checked in for 5 minutes and apparently crypto Twitter believes that SBF rugged $BALD even though he has no internet access, computer or phone and is under house arrest and at risk of going to jail forever. This place is ridiculous.— The Wolf Of All Streets (@scottmelker) July 31, 2023
Prosecutors seek sending SBF to jail
On July 31, Sam Bankman-Fried found his bail conditions significantly revised by a U.S. judge who limited his public communications and hinted at potentially placing him in custody pre-trial regarding the downfall of his FTX cryptocurrency platform.
During a federal court session in Manhattan, the prosecution urged U.S. District Judge Lewis Kaplan to incarcerate Bankman-Fried immediately. They claimed he had overstepped boundaries by leaking personal documents written by his ex-partner, Caroline Ellison, to a journalist, an act they considered as another instance of witness tampering.
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