BALD token developer denies rug pull as price falls 85% post-launch

July 31. 2023

By Tom Blackstone

The BALD memecoin collapsed in price as collectors alleged an exit scam, but the developer claims not to have sold any coins.

A new memecoin on Coinbase’s Base network fell 85% after its developer allegedly pulled 1,034 Ether in liquidity, worth approximately $1.9 million, from the market, according to social media reports and blockchain data. The developer for Bald (BALD) denied making any market sales of the coin, stating, “[I] just added/removed 2 sided liquidity and bought.”

Coinbase’s Base network was launched for builders on July 13. However, its development team has urged ordinary users not to use the network, as it lacks a functioning user interface (UI) for its bridge. The team plans to officially release the network to users in August, at which point a bridge UI will be made available.

Despite these warnings, some investors have sought early returns by buying up assets on the network before it is officially launched. They’ve done so by using development tools to bridge Ether (ETH $1,859) from Ethereum to Base without a UI.

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