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Scandalous Rug Pull Linked to SBF - Did He Do It?

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By Erika John - - 5 Mins Read
Sam Bankman-Fried being escorted to a court during trial
Sam Bankman-Fried | Shutterstock
Sam Bankman-Fried being escorted to a court during trial
Sam Bankman-Fried (Shutterstock)


The platform X (previously known as Twitter) became quite chaotic when rumors started circulating that Sam Bankman-Fried, the former owner of FTX, may have been involved in the recent $BALD rug pull. As usual, X had a variety of opinions on the trending topic.


So the problem here was that $BALD was rug-pulled. The BALD token was created as a joke against the CEO of Coinbase, Brian Armstrong, for his bald head. However, a couple of whales soon saw an investment opportunity in the token and started pumping huge amounts of money into the project.


But the developers of this bald token pulled the most sleek and malicious move after withdrawing millions of dollars from the project. Nevertheless, this led to many arguments about who was behind the project.


Guess whose name popped out? Sam Bankman-Fried. For a guy with a history of the failed FTX exchange, seeing his name as a suspect wasn't surprising. However, the question is whether he really did what he was being accused of. 

Crypto Enthusiasts Think Former FTX Owner is Behind BALD Rug Pull 

Scimitar Capital analyst Alex, who tweets using the handle @thiccythot, created the ground for argument after saying some signs about the Bald coin were different from a normal meme coin. According to him, the amount of capital and money pumped into the token by the developers was suspicious. 


"During the initial runup, the deployer was continuously adding liquidity into the pool


BaldBaseBald added over 6,700 ETH or over $12.5M worth of liquidity in the first 24 hours


surprising amount of capital for a meme coin on a new chain," Alex said on one of his Twitter threads. 


But that started off the argument, which followed suit, with many saying that Sam Bankman-Fried could have had a hand in the rug pull. 


According to some of these people, there were signs that the BALD token deployer might be Sam Bankman-Fried. They pointed out that the way he tweeted on the social media platform and other discreet details painted a picture that looked much like Bankman-Fried. 


"To Summarize:


- Thousands of ETH between FTX and Bald

- Bald deployer was first voter on all sushi proposals

- Bald deployer tweets same sentence structure as SBF

- Bald deployer was biggest DYDX farmer

- Bald deployer DYDX posts sound like SBF," one of the accusers said on Twitter. 


Others, like Crypto trader Bran all made their judgments, each saying it was Sam Bankman-Fried. 

Some Think Otherwise 

But not everyone within the crypto corridor thinks Sam Bankman-Fried ran the heist with the BALD token rug pull.


Blockchain researcher Igor Igamberdiev said he had doubts the act was carried out by Bankman-Fried himself. However, he pointed out that with how the details are shaping up, someone working for the failed FTX and SBF entity might have committed the case. 


"Alright, I've been sitting on this news all day, but let's look at the @BaldBaseBald deployer.

This is definitely someone from Alameda, but I don't think we can safely say that this is @SBF_FTX (even though he is a psycho)," Igor Igamberdiev said at the beginning of his lengthy thread.