#SBF Linked to BALD #Rugpull: $25M Liquidity Crunch On Base L2

Rugpulled #memecoin $BALD plummeted 91% in the last 24 hours.

On-chain sleuths detected a link between the deployer’s wallet & Alameda.

$BALD acquired $68 million from i#nvestors in a day.

The short-lived memecoin frenzy on Coinbase’s Layer-2 Base blockchain is marked with its first massive rugpull. The deployer of the Brian Armstrong-themed Bald (BALD) suddenly removed all liquidity for $BALD, which consisted of around 30% of all liquidity on the Base blockchain. The drastic move saw $BALD’s market price tank within a few hours.

Why crypto projects are not interested in registering themselves with the #SEC.

#Cryptocurrency projects often avoid registering with the SEC due to several reasons. The registration process requires transparency in financial information and restricts trading to accredited i#nvestors , limiting access for the general public. One case study is the Stacks project, which initially registered as a security in 2019 but later decided to unregister in 2021 as their #decentralization progressed. This decision allowed them to avoid the limitations imposed by security registration. The lack of significant exchanges listing securities further discourages cryptocurrency initiatives from pursuing registration, as it hampers market #liquidity and accessibility for US citizens.