đ§”The Story of a $23m Rugpull on @BuildOnBase đ
I dug deep to uncover this. You want to bookmark this.
1/ YOLO season is in full force.
People are aping left, right and center - and this is the story of how a shiny, new memecoin (with sketchy origins) rugged for $23m after being live for barely 24 hours
Introducing $BALD đšâđŠČ
2/ Firstly, they created a sh*tcoin with a compelling degenesque name that hooked unsuspecting BASE ecosystem gem hunters.
BASE has been all the buzz lately but things soured very quickly after this dark rug pull.
"steady lads"
A phrase all too familiar to those prowling the degen space.
This was the red flag that would precede the nastiest rug pull to date on Build on base 
4/ Then came the RUG !
$BALD dev pulled $23m in liquidity shortly after midday on Monday
They made an estimated $5.9m in profit from this.
Price dropped by 92% in seconds... 
5/ But then in true scammer fashion, the dev had to defend himself...
"I didn't sell a single token at any point since deployment. Just added/removed 2 sided liquidity and bought"
But when called out they admitted đ
6/ This next part is where it becomes even more interesting..
On-chain sleuths were like a dog with a bone trying to determine who the dev was, and what they uncovered was mind-blowing đ€Ż
1. Massive transfers from Alameda
2. Super early dYdX & Sushi governance involvement
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7/ Speculation at the moment is that the dev is non other than the infamous Sam Bankman-Fried.
Some stories are wild, suggesting that he worked alongside CIA to create $BALD and show them how shady the crypto space can be.
Base has been off to a super shaky start and what lies ahead remains to be seen.
Will things improve, will #coinbase end up being held liable? Bc they run the centralised sequencer...
We're at such an irrational stage in the market cycle at the moment.
Stay safe out there đ
