Updated on:12/05/2025 05:18 PM 
The cryptocurrency world is abuzz with intrigue as the BALD token experienced an unprecedented surge of over 10,000% on the Coinbase-supported Base network, followed by a dramatic decline that has triggered extensive blockchain analysis across social media platforms. Digital asset investigators have been meticulously examining transaction patterns, with several experts suggesting potential connections between BALD and the now-defunct Alameda Research.
Igor Igamberdiev, Head of Research at Wintermute, has conducted a comprehensive blockchain forensics investigation into the BALD token deployment, employing advanced cryptocurrency transaction analysis techniques to trace the origins of this controversial digital asset.
According to Igamberdiev's detailed blockchain analysis, the individual behind BALD is "definitely someone from Alameda," though not necessarily Sam Bankman-Fried (SBF), the former FTX CEO currently under legal supervision. The researcher's cryptocurrency wallet investigation methodology involved scrutinizing transaction histories, fund movements, and on-chain behaviors to establish these connections.
Through his meticulous blockchain forensics, Igamberdiev suggests that Sam Trabucco, the former CEO of Alameda Research, may be the mastermind behind the BALD token, although he acknowledges having "no concrete evidence" to definitively prove this claim at the current stage of the investigation.
The researcher's comprehensive analysis centered on a deep dive into the transaction activities of the BALD deployer's blockchain address and its intricate connections to leading cryptocurrency exchanges, employing sophisticated blockchain tracing techniques to uncover hidden relationships.
The blockchain address 0xccFa05 initially raised suspicions due to its significant holdings on decentralized finance governance forums, with some speculating about potential Coinbase connections. However, further examination revealed that the cbETH held by this address was not minted directly by Coinbase but rather acquired through Uniswap v3, demonstrating the importance of thorough blockchain transaction analysis in understanding token origins.
Despite this clarification, the wallet maintained substantial funds and predominantly interacted with major cryptocurrency exchanges including Binance, FTX, and Coinbase, indicating sophisticated market operations.
Igamberdiev subsequently identified an earlier blockchain wallet, 0x000f7f, which had demonstrated substantial trading activity during 2019/2020 across multiple decentralized platforms including Oasis DEX, 0x v2.1, dYdX v2, and Set Protocol, showcasing the complexity of modern cryptocurrency wallet analysis.
This particular wallet also maintained significant relationships with offshore exchanges, with FTX and Alameda Research featuring prominently in its transaction history, highlighting the interconnected nature of cryptocurrency exchange operations.
Interestingly, despite the wallet's extensive activities, investigators noted the absence of large FTT transfers or significant funds received from centralized exchanges (CEX), an anomaly that piqued the curiosity of blockchain forensic specialists.
Adding further complexity to the investigation, the blockchain analysis revealed connections between the early wallet and an experienced trader from dYdX v3. The wallet had also participated in initial voting proposals for SushiSwap, having received a Proof of Attendance Protocol (POAP) from the Yearn launch. Additionally, the wallet had utilized millions in USD to farm various governance tokens including COMP, SUSHI, BDP, SWRV, CREAM, and STG, demonstrating sophisticated yield farming strategies.
Based on the wallet's comprehensive activity pattern and its lack of interactions with other major industry players such as Three Arrows Capital (3AC), BlockFi, and Genesis—a notable absence given the wallet's scale—Igamberdiev concluded that the BALD deployer likely maintains affiliations with Alameda Research, showcasing the effectiveness of advanced blockchain transaction analysis techniques.
Data Analyst Andrew T from Blockworks further reinforced these connections through his blockchain investigation, highlighting the BALD deployer's ETH address relationships with Binance and Alameda Research, employing similar cryptocurrency wallet analysis methodologies.
Fund Manager Adam Cochran proposed that the BALD developer could potentially be SBF or another individual associated with Alameda, based on early voting activity within the Sushi governance ecosystem, demonstrating how on-chain behavior can reveal hidden connections in the cryptocurrency space.
Ryan Sean Adams, founder of Bankless, initially suggested that SBF, currently under legal restrictions, might have been behind the BALD token launch. However, he later revised his stance after consulting with journalist Tiffany Fong, who confirmed that SBF lacks technological access capable of deploying new cryptocurrency tokens, illustrating the importance of accurate information in blockchain investigations.
As the cryptocurrency community continues this comprehensive blockchain analysis, one aspect remains clear: the ongoing investigations, expert debates, and community discussions surrounding the BALD token and its creator reflect the industry's unwavering commitment to transparency and accountability through advanced cryptocurrency transaction analysis techniques.
