From BALD to Worse: This Guy Just Turned $3,000,000 to $2,000 In 24 Hours

Another unforgettable rug pull has just taken place in the crypto ecosystem. A new memetoken based on Base network, BALD, has just dropped from a $100 million market cap to around $6 million overnight.

Recall that TimesTabloid reported that BALD saw a remarkable 30,000x surge within 24 hours, which aided its market to surpass $70 million. At that time, a total of 25,000 ETH was already deposited on the base chain by unsuspecting individuals.

$BALD Casualties: From $3,000,000 to $2,000 in 24 Hours

As expected, like Terra’s (LUNA) collapse of May 2022, there were casualties, but the one that caught the eye was that of an Ethereum guy, who turned $3 million worth of ETH into $2,000 in just 24 hours.

According to pseudonymous DeFi analyst OverDose, a user lost a fortune in the BALD well-planned rug pull. The analyst revealed that the anonymous user was buying $BALD with multiple ETH transactions. After the rug pull, his millions of dollars worth of investment drastically lost value.

How $BALD Rug Pull Happened?

Over the course of just three hours, the BALD developer initiated a series of strategic transactions. Initially, they removed about 10,705 $ETH (equivalent to $20M) and 224.6M BALD from liquidity. This implies that they withdrew these whopping amounts from the pool of funds that enables users to buy and sell the meme token.

The person behind the project continued by using 1,160 ETH (about $2.16 million) to purchase 29.7M BALD. This is similar to a company buying back its own shares, which could lure potential buyers of the token to trust their motives.

Finally, the con artist added 400 ETH and 18 million BALD back into liquidity. This move also encouraged the trading of BALD tokens to continue with confidence. The move also lured many unsuspecting investors to keep buying the asset.

Due to these dubious moves, the deployer’s ETH balance on Base, a crypto trading platform, swelled by 2,674 ETH worth $5 million, which was their gain in a very short time.

According to on-chain analyst Lookonchain, the deployer subsequently bridged 9,385 $ETH to #Base, bringing their total holdings on the platform to 12,433 $ETH. This implies that they earned an additional 3,048 $ETH worth $5.7 million in just two days.

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