​Surely not…SBF Is Scamming Folks Again??

TL;DR

• Some of us imagine Sam Bankman-Fried was behind the current $BALD token rip-off.

• The $BALD meme coin launched on Monday and rapidly shot up in worth. As soon as it was up, the developer behind the challenge drained 90% of the liquidity pool.

• Cinneamhain Ventures accomplice Adam Cochran stated “I’m 99% certain that it’s both somebody from Alameda, FTX, or SBF himself.”

• Whereas others are pointing the finger away from Sam.

Full Story

Sam Bankman-Fried is at present beneath home arrest with restricted entry to the web.

…however some imagine he is secretly returned to the crypto area, to rip-off of us out of their cash as soon as once more.

Here is how a bunch of web sleuths have come to that conclusion:

ICYMI on Monday, a brand new meme coin ($BALD) entered the market and rapidly shot up in worth.

As soon as it was up, the developer behind the challenge drained 90% of the liquidity pool.

What does that imply precisely?

Let’s begin right here…

For those who’ve ever offered out of 1 crypto token into one other – you have used a liquidity pool.

See, whenever you commerce out of one thing like $BALD token, into one other token like (say, $ETH) – you are not really buying and selling with one other individual.

Discovering a purchaser for the precise quantity $BALD you wish to promote in a brief period of time can be close to unattainable – so as an alternative, you are buying and selling with an automatic liquidity pool.

It goes like this:

Say somebody takes $1000 value of Ethereum (ETH) and makes use of it to purchase $BALD.

That $1000 value of ETH is added to the $BALD liquidity pool, and the customer is given $1K value of $BALD tokens in return.

When/if somebody sells their $BALD tokens, they’re basically promoting them again to the liquidity pool, in change for a few of the pool’s retailer of ETH.

And draining a token’s liquidity pool is an age outdated rip-off within the crypto area.

It performs out like this:

A developer creates a coin → hypes it up → will get a complete bunch of parents to purchase in → which grows the liquidity pool → the dev then makes use of their admin entry to switch all the crypto out the liquidity pool, into their very own pockets.

Consequently, anybody holding the coin cannot commerce it into anything (as a result of the shop of money that is meant to assist these trades is gone).

Now, this is the place SBF comes into play:

Cinneamhain Ventures accomplice Adam Cochran did some digging and found that the pockets handle of the $BALD developer is a pockets that was concerned within the early days of the Sushi Swap challenge.

Again then, the Sushi Swap group was a lot a lot smaller than it’s right this moment – and one of many largest contributors on the time?

Sam Bankman-Fried.

Off the again of this sleuthing, Cochran has stated:

“I’m 99% certain that it’s both somebody from Alameda, FTX, or SBF himself, apparently some former FTX of us suppose it is Sam as effectively.”

Plus! This thriller pockets additionally seems to have acquired deposits from FTX and Alameda over greater than two years, and at present holds a steadiness of 12,331 ETH (~$22 million).

Now. It must be stated: that is is all simply hypothesis, and plenty of are pointing the finger away from Sam.

However both method, one factor is for sure:

The Netflix documentary masking the FTX implosion/fall out goes to be an absolute doozy.