Blockchain
BALD Developer Returns $12 Million to Ethereum Following a Huge Mishandling
Creator of viral coin Bald returned $12M in ETH to Ethereum after the token’s value plunged 90% from its $80M peak; redemption follows recent operations.
The anonymous developer at the back of Bald (categorized among the top viral digital coins in the previous months) returned nearly $12M in the form of ETH tokens to the network of Ethereum on Sunday. The transaction took place weeks following Bald witnessed a capitalization of up to $80M ahead of some operations that led to a price slump of up to 90%.
BALD’s Anonymous Developer Returns $12M to Ethereum Following a Big Blow
In this respect, Lookonchain (a blockchain data analytics platform) cited statistics and mentioned that nearly 7,000 ETH (approximately $12.9 million) was bridged by the bald coin to Ethereum from the Base network on Sunday. The procedure of bridging takes into account the transaction of coins between diverse blockchains.
After that, the deployer deposited up to 2,100 ETH (almost $3.87M) at the present prices to Kraken (a well-known crypto exchange). This transaction indicated the initial time when additional funds were delivered outside the Base network as compared to the bridged-in, as disclosed by a query highlighted by Dune Analytics.
Also Read: Ethereum Price Analysis – ETH Price Reaches Critical Support Level
The Token’s Price Rose by 4,000,000% Just Within Days
The mysterious spike of Bald took place in August when a Coinbase-build blockchain Base was not only accessible to the common masses. A viral post concerning a trader converting $500 to several hundred thousand elevated Bald by 4,000,000% during a few days. This allured more than $66M in ETH as traders anticipated squeezing out profits from an otherwise calm wider market.
Current plan SUBJECT TO CHANGE is to wait as long as it takes until there’s a reputable dex with at least somewhat low chance of exploit before adding back very modest amount of liquidity.
— Bald (@BaldBaseBald) August 1, 2023
Nevertheless, the respective euphoria was maintained just for a little time. After witnessing such a huge peak, the prices of Bald slumped by 90% as several million dollars were removed by the deployer of the token. The deployer had formerly incorporated ether worth approximately $35M to a Base network-built exchange Leetswap’s liquidity pool.
