The mysterious developer behind the BALD token, which briefly reached an $80 million market capitalization before dropping 90%, has transferred around $12 million in Ether (ETH) back to the Ethereum network. This move comes after BALD's extraordinary rise and subsequent fall in value. According to analytics firm Lookonchain, the BALD token deployer bridged 7,000 Ether ($12.9M) from the Base network back to Ethereum on Sunday and deposited 2,100 Ether ($3.87 million) into the Kraken crypto exchange. BALD's initial rise occurred in early August when the Base blockchain, developed by crypto exchange Coinbase, was not officially open to the public. However, the token's value plummeted by 90%.
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