A programmer from the Bald Network has sent 7,000 ether to Ethereum and made a few deposits on Kraken

Bald developer has returned $12.9m worth of ether to the Ethereum network after a catastrophic blunder.

The anonymous developer of bald (BALD) released $12 million in ether (ETH) back to the Ethereum network Wednesday, capping off weeks of fast development. Before unforeseen circumstances drove the token price down 90%, Bald had a market valuation of $80 million.

Lookonchain, an analytics firm, reports that on Sunday, the creator of the bald token moved seven thousand ether (worth around $12.9 million) from the Base network to Ethereum. Then he sent 2,100 ether to the Kraken cryptocurrency exchange, which is now valued at around $3.87 million.

It’s the first time that, per a Dune Analytics query, more money has left the Base Network than was deposited.

Bald’s popularity spiked unexpectedly in early August, while Coinbase’s own blockchain, Base, was still in beta. Almost $66 million in ether (ETH) was invested in Bald after it skyrocketed 4,000,000% in a matter of days after a famous tweet about a trader who earned $500 into hundreds of thousands of dollars went viral.

Bald seemed to have everything at the time: plentiful liquidity, a lively area, an influx of new traders, and, in some places, weak hopes that it may become the next SHIB. However, this joy lasted for just a few days at most. When the token’s deployer pulled millions of dollars worth of liquidity, bald prices plunged by as much as 90% from their all-time high of $0.02795.

The deployer seemed to have sufficient funds for the project by depositing up to $35 million in ether into a liquidity pool on the Base network exchange Leetswap. It’s possible that the deployer made millions of dollars in fees and other gains by supplying ether in return for BALD tokens and then selling ether for BALD when prices rose.

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