On-chain sleuths’ study shows that the BALD token deployer is connected to the address milkyway16eth. A astounding 14.83 million USDC and 400 cbETH have been sent to the BALD deployer address from the address 0xF3a…F50c.
Further research found that this address shares the same Binance and FTX deposit address as the BALD deployer address. It has been the primary address of concern in the scamming probe.
The inventor of the BALD coin allegedly made a profit of almost $10 million USDC through the rugpull operation. An initial investment of about 14 million USDC and 400 ETH was used to generate the profit. These money are thought to have been utilised for liquidity support, but the developer eventually withdrew them, causing investors to suffer substantial losses while pocketing a sizable profit.
The account of the prospective BALD deployer has now been closed and turned to private, seemingly in an effort to conceal from the public. This step also emphasises how serious the developer’s activities are, even if it can momentarily protect them from instant criticism. Unfortunately, since the developer’s residence is unknown, it is unclear whether or not he will be prosecuted.
Such occurrences highlight the inherent dangers present in the DeFi industry, particularly with regard to projects whose anonymous creators install on “fresh” networks like BASE. Before investing in any project, investors must proceed with care and complete a rigorous due diligence process.
The BALD rugpull is a crucial warning of the dangers that might arise in the quickly expanding DeFi market. Although the promise of large rewards might be alluring, the risks involved in these enterprises should not be taken lightly.
