The memecoin called $Bald was worth $100m at its peak before it was rugged systematically by the creator. Let's see what happened, and how much the rugger make?
$BALD was launched on July 30 on the Base chain, Coinbase's new Layer 2 built on Optimism. Its liquidity reached over 100m market cap in just 2 days with over $25m of liquidity in the pool.
The creator then withdraws over 10.5k ETH or almost $20m worth of liquidity all at once, causing the price to strike. This seems like clearly calculated game given the timing of the remover of liquidity.
it's surprising how well capitalized and bold this actor was in carrying out this obvious manipulative market behavior in the middle of public light on Coinbase's compliancy chain.
The memecoin called $Bald was worth $100m at its peak before it was rugged systematically by the creator. Let's see what happened, and how much the rugger make?
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$BALD was launched on July 30 on the Base chain, Coinbase's new Layer 2 built on Optimism. Its liquidity reached over 100m market cap in just 2 days with over $25m of liquidity in the pool.
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During the initial runup, the creator was continuously adding liquidity into the pool
Over 6,700 ETH or over $12.5M worth of liquidity was added by the creator in the first 24 hours
This incidence sparkled more speculation.
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As soon as the creator stops adding liquidity into the pool, the price begins to stagnate and break down
24 hours later, the creator starts pumping $BALD again, causing the price to double, and more people became bullish.
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The creator then withdraws over 10.5k ETH or almost $20m worth of liquidity all at once, causing the price to strike. This seems like clearly calculated game given the timing of the remover of liquidity.
How much did the creator make?
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The creator added 6,870ETH, spent 1,360ETH buying his own token at an average price of 0.0004, and withdrew 10,704 ETH
Net profit: 2,789 ETH or $5.2 million dollars.
What a calculated rouge!
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Bottom line
it's surprising how well capitalized and bold this actor was in carrying out this obvious manipulative market behavior in the middle of public light on Coinbase's compliancy chain.
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To anyone who read this threadstorm, remember the risks in participating in these types of games
This type of malicious behavior happens regularly, so try to control you FOMO and do not risk more than you can afford to lose.
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