Crypto Twitter has been buzzing with speculation after a new conspiracy theory emerged suggesting that FTX founder, Sam Bankman-Fried (SBF), may be secretly behind the controversial memecoin called BALD on Base. BALD, which is named as a humorous reference to Coinbase CEO Brian Armstrong, was launched on July 30 and experienced an astonishing 289,000% gain within the first 24 hours of trading. However, the token’s anonymous developer subsequently removed a significant amount of ETH in liquidity, causing the price of BALD to plummet by more than 85%. This prompted allegations of a “rug pull,” which the developer has denied.
This situation led some blockchain enthusiasts to investigate the developer’s on-chain history, revealing a potential link to SBF. The Ethereum wallet address responsible for deploying the Bald token received funding from wallets associated with FTX and Alameda Research, which raised suspicions among conspiracy theorists. An anonymous DeFi commentator known as Downsin suggested that the connection between SBF and the developer indicated that SBF was “legit trying to make it all back from prison.” However, it should be noted that SBF is not currently in prison; he is under house arrest at his parent’s home in California, awaiting his trial in October.
Further fueling the rumor, data editor Andrew Thurman found that the same wallet address had made approximately 400 transfers to blacklisted USDT addresses and had “serious Alameda connections for sure.” Pseudonymous trader Hsaka proposed a conspiratorial scenario in which the launch and subsequent crash of BALD were orchestrated to provide the SEC Chair, Gary Gensler, with more ammunition to prosecute FTX’s rival, Coinbase.
Adding to the suspicion, another anonymous commentator named “Hype” highlighted eerie similarities between the developer and SBF, particularly in their social media post sentence structures. Additionally, the wallet associated with the developer has been active for a long time and was one of the first voters on proposals on the DeFi platform Sushi Swap.
Despite the mounting speculations, some crypto experts argue against the likelihood of SBF’s involvement in such a scheme. They point out that SBF currently faces several restrictions on internet usage as part of his bail conditions. Crypto influencer Tiffany Fong, who has spoken with SBF since his arrest, refuted the conspiracy by clarifying that SBF has been using a flip phone without internet connection since April.
Fong also explained that all of SBF’s visitors are thoroughly searched by security and are prohibited from bringing in external electronic devices. Other traders, such as HORSE, dismissed the conspiracy theory and advised their followers to remove their “tinfoil hats.”
In conclusion, the emergence of the conspiracy theories linking SBF to the controversial memecoin BALD has ignited a heated debate on Crypto Twitter. While some see the connections between the developer and SBF as evidence of his involvement, others argue that SBF’s current restrictions and the lack of internet access make it unlikely. As the speculation continues, it remains to be seen if any concrete evidence will surface to support or debunk the conspiracy.
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