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SBF dubbed ‘the Joker’ of crypto amid $100m rug pull allegations

SBF dubbed the Joker of crypto amid 100m rug pull

“Did this man really just rug us AGAIN from the suburbs?,” crypto analyst and entrepreneur Wendy O asked in a separate Twitter post.

The long-awaited launch of BALD tokens on July 30 turned into a disaster after the cryptocurrency suffered an abrupt decline of 90% a day later. 

The token, which attracted significant investor excitement and capital, nosedived after a deployer removed millions of dollars worth of liquidity from the market, bringing BALD’s price from 9 cents to 1 cent in a matter of hours. 

The move has been later classified as a “rug pull” – a deceptive act where the creators or developers of a crypto project intentionally drain the liquidity or funds, leaving investors with worthless or significantly devalued cryptocurrencies.

What’s even more interesting, the alleged rug pull has been later linked to no other than Sam Bankman-Fried (SBF) – the man behind the FTX collapse, one of the biggest financial frauds on record.

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