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This week’s episode of The Market Report explores allegations that SBF was behind the recent BALD token rug pull and dissects why Bitcoin is falling below $29,000. In the latest episode of “The Market Report,” analyst and writer Marcel Pechman discusses the BALD token rug pull and the allegations pointing toward FTX founder Sam “SBF’ Bankman-Fried as the culprit. The token launched on Coinbase’s Base network, which is currently under development, and witnessed incredible gains between July 30 and 31. Pechman notes that it is impossible to know how much fake volume and how many trades involving the same entity or small groups were used to prop up BALD’s price on decentralized exchanges (DEXs). Further evidence for this hypothesis is the 85% price plunge shortly after BALD’s developer removed the liquidity deposited in DEX pools. According to internet sleuths, the evidence pointing to SBF being the mastermind of the rug pull includes funding from wallets associated with FTX and Alameda ...

The anonymous Bitcoin whale is up over 600,000% from their 2011 purchase of BTC at $4.92. A dormant Bitcoin (BTC)  wallet holding over 1,037 Bitcoin — worth $31 million at current prices — has suddenly awoken after an 11-year slumber, transferring out its entire stash.  The 1037 BTC was transferred amid a Bitcoin price of $29,956 and took effect at block height 799701 — approximately 10:51 am UTC on July 22, according to BitInfoCharts. The long-dormant address obtained the 1,037 BTC on April 11, 2012, when BTC's price was only $4.92, on-chain analytics platform Lookonchain stated on July 22. This means at the time, the stash was only worth around $5,108. A BTC whale that has been dormant for 11 years transferred all 1,037.42 $BTC($37.8M) to a new address"bc1qtl" an hour ago. The whale received 1,037.42 $BTC($5,107 at that time) on Apr 11, 2012, when the price was $4.92.https://t.co/k8ZmO5vc8X pic.twitter.com/xBaw2dQfY8 — Lookonchain (@lookonchain) July 22, 2023 Data...

The blockchain industry is facing a massive power imbalance — just like the traditional finance industry. Blockchain technology was introduced in 2008 as a decentralized, secure, transparent system for managing digital transactions. Its primary aim was to provide a solution to major problems with traditional transactional systems, including trust, security, decentralization and efficiency. Blockchain has since expanded beyond finance and has been used in supply chain management, healthcare, games, digital media and social media, among others.  However, the blockchain industry is still facing significant challenges — such as a lack of diversity, wealth control by a few holders, hash rate problems and a loss of the promise of decentralization. Hash rate and why it’s a problem The cryptocurrency on everyone’s mind — and in the digital wallets of more than 400 million people around the world — is Bitcoin (BTC). Bitcoin’s hash rate is the computing power required to validate transactions ...