The developer sent Kraken, a cryptocurrency exchange, 2,100 ether.In August, the meme currency fell 90%, but not before some traders made enormous profits from the token.On Sunday, the unidentified creator of bald (BALD), one of the most popular currencies in recent months, returned over $12 million in ether (ETH) to the Ethereum network.The move took place a few weeks after bald had amassed a capitalization of $80 million before certain events led the price to fall by 90%.The bald token deployer bridged 7,000 ether ($12.9M) from the Base network back to Ethereum on Sunday, according to data published by analytics company Lookonchain.Transferring coins between other blockchains is referred to as bridging.
The deployer then made a deposit to the cryptocurrency exchange Kraken of 2,100 ether, which is currently worth $3.87 million.A Dune Analytics search reveals that this transfer was the first occasion that more money was moved out of the Base network than was bridged in.Early in August, when Base, a blockchain created by cryptocurrency exchange Coinbase, wasn’t even formally open to the public, Bald experienced a surprising increase.A popular tweet about a trader who turned $500 into hundreds of thousands of dollars caused Bald to soar 4,000,000% in a matter of days, bringing in almost $66 million in ether from investors looking to squeeze out profits from an otherwise stagnant larger market.
Bald appeared to have it all, seemingly limitless liquidity, a thriving neighborhood, an infusion of new traders, and, in some circles, tenuous expectations that it may develop into the next Shiba Inu (SHIB).This exhilaration, however, did not endure more than a few days.After the token’s deployer pulled millions of dollars’ worth of liquidity, bald prices peaked and then dropped as much as 90%. As a result, sentiment swiftly soured and traders fled the market amid the uncertainties.The deployer had previously contributed up to $35 million worth of ether to a liquidity pool on the Base network-based exchange Leetswap, giving the appearance that the project was well-funded.
They may have earned millions of dollars in fees by selling ether for bald when prices increased as well as by supplying ether in exchange for bald tokens.The developer didn’t seem very concerned as a result of the price reduction.“The tokens controlled by the deployer address, including liquidity tokens, are owned by the deployer who reserves the right to do whatever with them,” they said in a tweet.
“If you still decide to trade this token you will probably lose all your money (if you somehow haven’t already). This is a memecoin. There is no roadmap. The fundamental value of this token is $0. There is no BALD team,” they added at the time.
Based on the activities in Bald’s wallet and connections to Alameda projects, some investigators have even connected him to the Sam Bankman-Fried-owned Alameda Research.The name of the affluent deployer is still unknown as of Monday.