People claim infamous crypto entrepreneur SBF is backing the BALD token

On Aug 1, 2023

NEW YORK, NY - DECEMBER 22: FTX founder Sam Bankman-Fried leaves Manhattan Federal Court after his arraignment and bail hearings on December 22, 2022 in New York City. Bankman-Fried, who was indicted on December 9th and arrested 3 days later by Bahamas law enforcement at the request of U.S. prosecutors, consented to extradition to the U.S. where he is facing eight criminal counts of fraud, conspiracy and money-laundering offenses which includes making illegal political contributions. He is potentially facing life in prison if convicted. He was released on $250 million bond with the bail package requiring him to stay with his parents in California. (Photo by David Dee Delgado/Getty Images)

Rumors claimed that SBF is the backend actor behind the newly launched meme token BALD.

BALD is a newly launched token on Coinbase’s Base blockchain network, a layer-2 scaling blockchain, launched just two weeks ago. Just a few days ago, this token was launched by an unknown person on the Base network.

Within a few days of the launch time, this token surged by nearly 2,000%. This sudden pump dragged the attention of the crypto Investors.

Few people tried to trace the backend team behind this meme token and found deep links with the bankrupt crypto exchange FTX.

Some investigators claimed that there may be chances that the token is linked with FTX’s sister company Alameda Research or the FTX co-founder Sam Bankman-Fried (SBF), who is facing fraud charges for defrauding the FTX customers.

It is rumored that the Memecoin BALD deployer (0xcc…6389) may be a person related to FTX or Alameda, and some even think it is SBF himself.

The address had frequent and large transfers of funds with the FTX, and another address of owner had $20 million in funds transactions…
— Wu Blockchain (@WuBlockchain) August 1, 2023

Alongside these investigations & assumptions, few people noted that the Base blockchain is not decentralized enough in this phase and also no person can participate in the Base ecosystem without KYC verification, so there are very rare chances that it will be SBF.

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Following this news, the trade price of this token crashed badly within a couple of hours, which can be seen in the Bald token trade price graph.

People claim infamous crypto entrepreneur SBF is backing the BALD token 1

FTX, Alameda Research, & SBF

FTX was a top 2nd-ranked crypto exchange before the first week of September 2022. But following a report by the Coindesk media, FTX customers dragged out all their funds from the platform.

Later the company suspended all kinds of withdrawal services and further filed for bankruptcy under the Chapter 11 code in a US bankruptcy court.

Later investigations found that all the funds were commingled, belonging to FTX, FTX’s sister firm Alameda Research, and FTX customers. And also SBF misused the customers’ funds for personal benefits.