🧵The Story of a $23m Rugpull on @BuildOnBase 🎭

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 👨‍🦲

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 👇

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 🤯

1. Massive transfers from Alameda

2. Super early dYdX & Sushi governance involvement

👀

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 👊

#base #basenetwork #FTX #sambankman