New “BALD” Memecoin Drops 92% in Apparent Rug Pull

will be tailored to detecting and mitigating the after-effects of a “rug pull.”

Just one day since its release on the newly-installed Base network, a memecoin nicknamed “Bald” – which ribbed Coinbase CEO Brian Armstrong’s professional depilatory status –
has everybody buzzing. Rather cryptically, soon after its debut when the total value BALD climbed to almost 3,700% of its original value, the sender of the meme-asset abruptly pocketed about $25.6 million dollars from the token’s reserves
, making it into an event since dubbed “rug pull.” Representatives Onon Chain Intrique, which keeps a close eye on market fluctuations, suggested that the wallet form which the loot came belonged to a dealer well versed in cbETH movements, Coinbase’s Ethereum liquid staking token which can be sold, arbitraged, etc. Furthermore, there is also a theory, circulating within the crypto twitter community, that the mysterious disappearing donor was none other than former FTX CEO Sam Bankman-Fried. After giving the matter some consideration, however, reporter Tiffany Fong discarded the notion apottedly, considering Bankman-Fried’s ingure occupation and, most importantly, his restricted access to phone calls, cyber media and timely tweets.

Thereby, past the teething issues proneassociated with DeFi, the recent BALD drama points out the necessity of forming an strcture capable of safeguarding and preventing such reckless money absecting schemes from succeeding. The public perception of most convservative cryptocurencies will demand Coinbase -– argubally the biggest cryptographic platform -– step up their security measures and propose retails suitable for prospective prevention and mitigating his kind of event-a simpler after effect.

Robert Wilson author
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