Is This a Rugpull? BedrockToken Crashes Following $45M Liquidity Pull
The Bedrock (BR) Token Experienced a Dramatic Price Collapse After a Coordinated Withdrawal of Nearly $50 million in Liquidity by Multiple Whale Addresses on Binance Alpha
Bedrock (BR), a newly listed token on Binance Alpha, crashed by over 50% within seconds on Wednesday, sparking a frenzy among the crypto community. This collapse came after 26 addresses withdrew $47.59 million in liquidity in under two minutes.
The speed and coordination of the liquidity pull have stunned traders, especially given that Binance Alpha promotes itself as a secure platform with a reputation for “thorough” project vetting.
$BR Sees Flash Crash in Real Time
On July 9, at approximately 9:04 AM ET, the BR token’s price dropped as whales rapidly drained liquidity from its pools. According to on-chain analyst @ai_9684xtpa, the 26 wallets collectively withdrew $47.59 million, reducing the asset’s market cap from $60 million to $ 12.41 million in just under 100 seconds.
Aggressive sell-offs followed the withdrawal, with three wallets dumping over $1 million worth of $BR each, while 13 others offloaded more than $500,000 each.
Notably, @ai_9684xtpa revealed the top five addresses responsible for the largest $BR dumps. The addresses were 0x00E0, 0x20c3, 0x6329, 0x58e8 and 0x31A2.
Interestingly, the first three addresses were all created just two weeks prior to the dump. On-chain data shows that these wallets began accumulating $BR between June 24 and 28, funding their buys from centralized single-source addresses.
The fourth wallet, 0x58e8 had a previous history of activity stretching back to 2017. The address interacted with long-gone platforms like Yunbi, ZB, and YoBit, suggesting someone with solid market experience might be involved.
Did the Bedrock Team Rugpull?
Following the events, many were quick to speculate if this was an inside job. However, the on-chain evidence currently suggests otherwise. The project’s primary wallet address, 0x5f6f7082, still holds over $4.6 million in liquidity, with no activity during the time of the crash, and its last transaction was on July 7.
Furthermore, it would be unusually reckless for the Bedrock team to consider rug pulling now, given that Binance Alpha recently faced a similar scandal involving ZKJ. Just weeks ago, ZKJ suffered massive liquidity pulls from multiple wallets and saw its price collapse suddenly.
Instead, analysts are leaning towards a theory of coordinated whale manipulation, potentially in preparation for a contract deployment or exchange listing. The event amplifies mounting calls for stronger protections, including stricter requirements on token distribution to prevent similar events.
