Slow Burn
$126 million went up in smoke, as another crypto dream burned to ash.
While FOLD holders watched their bags smolder, Manifold's founder Sam Bacha was busy stoking the flames with memes.
Roadmaps? Replaced with memes. Updates? Swapped for claims of being "Trump's new Crypto Czar."
The numbers tell the real story - FOLD cratered 98% from its $103 peak 2 years ago to pocket change at 64 cents the beginning of this November, turning a $128 million market cap into embers.
Even crypto veteran Cobie got FOLD-ed. "I invested in it in 2021, and at the top, it was worth like $5m and now it's worth 0," he told DL News. Good thing he can afford the tuition.
But this isn't Bacha's first fire sale. From Tennessee grad to failed freight tracking to DeFi's latest inferno, he's left a trail of scorched projects and charred wallets.
Their GitHub's gone cold while Manifold's Telegram burns hot with memes, and promises pile up like rejected transactions.
In an industry built on trust and transparency, one has to wonder: when did rugging become a slow-cooked specialty?
Like smoldering embers that slowly spread, Manifold's story began with glowing promise...
In 2021, Manifold Finance emerged with a noble goal: protecting traders from malicious bots.
They raised $2.5 million from VCs like P2P.org and Marshland Capital on the promise of revolutionizing front-running protection.
The pitch was perfect - a battle-tested team ready to defend DeFi from predatory algorithms.
But like most things in crypto that sound too good to be true, reality had other plans.
The Spiral
Three failed products, countless missed deadlines, and one increasingly unhinged founder later, Manifold's descent has crypto veterans asking - was there ever any real magic behind the curtain?
Their first trick? An anti-front-running tool for SushiSwap that turned out to be more smoke than substance.
After promising to revolutionize DEX trading, the software was quietly shelved due to "bugs" - a term that in crypto can mean anything from a minor glitch to a gaping security hole.
SushiSwap declined to integrate even a retooled version.
Undeterred by failure (or perhaps encouraged by it), Bacha pivoted faster than a politician at election time.
Next stop: liquid staking, a market already dominated by Lido's $30 billion empire.
The result? Their mevETH token peaked at a measly $37.7 million market cap in March before joining the rest of their abandoned promises after the market cap cratered 90%.
Manifold's last-ditch attempt at relevance was XGA - a product promising to solve Ethereum's transaction woes through collaboration with German firm 20squares.
As development updates grew sparse and deadlines blurred, a 20squares team member quietly announced they're now "hands off from the project" and "waiting for updates" - crypto speak for "don't hold your breath."
Meanwhile in their 2,500-person Telegram, Bacha's communication style evolved from sporadic updates to an endless stream of memes and cryptic jokes.
When pressed about missed deadlines, his response?
"Deadlines proclaimed by me in Telegram do not constitute any sort of binding agreement."
At least he's honest about something.
Peek-A-Boo
With partners jumping ship and products up in smoke, investors wanted answers.
But getting straight talk from Bacha was like catching smoke with your bare hands...
"Where were you for the last 30 days? Why not a single reply here in the channel?" one supporter demanded in October.
His response? "I was being vetted to become Trump's new Crypto Czar."
Like any proper antagonist, Bacha's responses grew more theatrical.
When another person asked about his whereabouts, Bacha emerged briefly to share a Superman II meme featuring the villain Zod.
His community management strategy? "Kneel before Zod!"
Even Marshland Capital partner Matthew Land's intervention proved futile.
After a weekend chat with the ghosting guru about "the importance of communication," Land could only offer: "Ball's in Sam's court and on Sam's timeline."
Meanwhile, the numbers tell a grimmer tale than any meme…
September 2022 ATH: $103
November 2024 low: $0.64
Loss: 98%
Market Cap: $128M → $2M
Cobie's Investment: $5M → $0
Founder's Credibility: 404 Not Found
But for those who've followed Bacha's career, this vanishing act feels like déjà vu, doesn’t it?
The Pattern
Before FOLD, there was Block Array - Bacha's first venture that vanished just as quickly as its promises.
Launched in 2017 with big ideas for blockchain in freight tracking, today its tokens are worthless and its website has disappeared like an altcoin in a bear market.
Same founder, same pattern, different bag holders.
History may not repeat itself, but it sure does rhyme.
"We don't know if Sam is even coding. We don't even know if there's anything happening."
The community's verdict is split: either Manifold's preparing to fold without the courage to admit it, or they're silently building their promised salvation.
But after two dead projects, countless missed deadlines, and communication reduced to Superman memes, perhaps it's time for a new crypto saying…
When your founder starts speaking in memes, is it time to sell your dreams?
While investors count their losses, Bacha counts his memes.
From SushiSwap integration to liquid staking dreams, Manifold Finance promised revolution but delivered a smokescreen.
Behind the promises lies nothing but charred projects and abandoned repos.
As 20squares distances itself and Cobie writes off millions, the community clings to hope of an XGA miracle or anything to justify their front-row seats to this disaster.
But when your founder trades roadmaps for Superman villain memes, maybe it’s a sign that he has been a villain all along.
Nine figures vanished into the meme void. Every super villain needs their signature move.
Sam Bacha's is to baffle you with bullshit while he builds his escape pod.
In a space full of villains, where are the heroes when you need them?
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