Was Sam Bankman-Fried behind a scam project? By Cointelegraph

NFP Preview: 'Good News Is Bad News' May Not Work This Time

Was Sam Bankman-Fried behind a scam project?

Published Aug 01, 2023 04:00PM ET Updated Aug 01, 2023 06:40PM ET

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Was Sam Bankman-Fried behind a scam project?

In the latest episode of “The Market Report,” analyst and writer Marcel Pechman discusses the BALD token rug pull and the allegations pointing toward FTX founder Sam “SBF’ Bankman-Fried as the culprit. The token launched on Coinbase’s Base network, which is currently under development, and witnessed incredible gains between July 30 and 31.

Pechman notes that it is impossible to know how much fake volume and how many trades involving the same entity or small groups were used to prop up BALD’s price on decentralized exchanges (DEXs). Further evidence for this hypothesis is the 85% price plunge shortly after BALD’s developer removed the liquidity deposited in DEX pools.

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