Coinbase has a blockchain that developers have been producing these memecoins instead of using the bitcoin blockchain for these ordinals.
The latest one was called bald I think due to the owner of Coinbase being this so they created a meme out of it and named the token. But since it was released last Friday the project had rug pulled their members and from what I heard the devs stole $22mln in only two/three days.
https://decrypt.co/150780/bald-token-liquidity-rug-pull-linked-to-sam-bankman-friedThe thing that is baffling is the blockchain was in testnet mode and not to released until later in the year according to this article:
"All of this drama occurred with one humorous caveat: the Base blockchain isn't even officially open to the public yet, with a proper launch expected later this year.
Base, built by crypto exchange Coinbase on OP Stack, launched its testnet in January and opened to builders in mid-July basis the submission of applications to Base. Traction has been scant, so far, except for Sunday when the likes of BALD led to a sudden rush in capital - and users - to the blockchain."
source: https://www.coindesk.com/markets/2023/08/01/bald-token-rugpull-may-have-links-to-sam-bankman-frieds-alameda-data-showsYou mean this one?
https://www.coindesk.com/markets/2023/07/31/bald-token-plunges-90-as-developer-pulls-liquidity/Newly-launched bald (BALD) tokens on the Base blockchain fell as much as 90% after peaking on Monday as the token's deployer removed millions of dollars worth of liquidity, data shows.
I don't see the inception date, but I think this was created just recently and they really hyped it up at a high level but then it dropped to become a trash token.
Investors sentiment is also bearish, even in the lowest price, no one is buying it. This should be the time where we see the type of investors who likes to take advantage of the bear market of one token and yet nothing is going on.
They are busted obviously, and I don't think recovery will be soon, worst case scenario it will not happen. I am really sad for those who put their money here.
Gary Gensler takes some rest with cryptocurrencies, but that doesn't mean he forgets about the SEC cases especially with Coinbase.
Where his eyes at? AI technology.
Gary Gensler, the chairman of the S.E.C., has been studying the potential consequences of artificial intelligence for years. The recent proliferation of generative A.I. tools like ChatGPT has demonstrated that the technology is set to transform business and society.
https://www.nytimes.com/2023/08/07/business/dealbook/sec-gensler-ai.htmlBut Coinbase is not stopping despite that.
https://dailyhodl.com/2023/08/05/top-us-crypto-exchange-coinbase-asks-court-to-toss-sec-lawsuit-accuses-the-regulator-of-violating-due-process/Coinbase is asking a court to dismiss the U.S. Securities and Exchange Commissions (SEC) lawsuit against the top US-based crypto exchange.
In a new thread, Paul Grewal, Coinbases chief legal officer, says that the crypto firm is seeking to discard the lawsuit because they believe the regulatory agency is violating due process.
