Is Sam Bankman-Fried Behind a Crypto Scam?
Was Sam Bankman-Fried behind a scam project?

The Market Report on the BALD Token Rug Pull

In the latest episode of “The Market Report,” analyst and writer Marcel Pechman discussed the rug pull of the BALD token and the allegations that FTX founder Sam “SBF” Bankman-Fried is the culprit. The BALD token launched on Coinbase’s Base network, which is still in development, and saw incredible gains between July 30 and 31.

Pechman pointed out that it is impossible to know how much fake volume and how many trades involving the same entity or small groups were used to support the BALD token’s price on decentralized exchanges (DEXs). This was further evidenced by the 85% price drop shortly after the BALD token developer removed the liquidity deposited in DEX pools.

As per internet sleuths, the evidence pointing to SBF being the mastermind of the rug pull includes funding from wallets associated with FTX and Alameda Research, the fact that BALD’s developer was one of the first voters on proposals for decentralized finance project SushiSwap, language used in tweets, and DYDX farming activity.

Pechman believes SBF certainly has the technical knowledge to issue tokens and offer liquidity pools on DEXs, however, there is no way to know what sort of devices and internet access he currently has while under federal reserve crypto house arrest.

Now, concerning the following issue: Pechman is analyzing why the U.S. Dollar Index’s recent improvement from a one-year low could be the main reason for Bitcoin’s (BTC) drop below $29,000. Pechman believes that this shows investors’ confidence in a gentle recession caused by the Federal Reserve.

Are you curious to know if Pechman thinks the U.S. government will be able to refinance and issue new debt in the second half of 2023 and what the outcomes will be for the crypto market? Get the answers to these questions on the latest episode of The Market Report, available exclusively on the new Cointelegraph Markets & Research YouTube channel.

Categorized in:

Tagged in: