Published on August 01, 2023 13:07 GMT+00:00edited on August 01, 2023 13:09 GMT+00:00

As the crypto community comes to terms with Bald memecoin's apparent "rug pull" – an act that caused Bald’s market value to plummet – on-chain analysts are examining the events leading up to this moment.

The Bald token attracted significant attention within the crypto sphere last week, amassing a market cap of $85 million at its peak. The abrupt liquidity withdrawal made the price nosedive, almost to zero, resembling the features of a rug pull —a deceptive strategy where key developers or holders siphon off liquidity, causing the token’s price to collapse. The token's developer acknowledged removing the liquidity on Twitter.

Igor Igamberdiev, head of research at Wintermute, highlighted a finding indicating that the Bald deployer – the smart contract address used to create the Bald …