2 years ago
Within 2 days, the token’s terms plummeted from an all-time precocious of $0.00067279 to an all-time debased of $0.00004827.
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A moderator of the fashionable trading subreddit r/WallStreetBets has dumped a ample information of the WSB Coin (WSB), a token task that claims to beryllium the authoritative memecoin of Wall Street Bets.
On May 2, WSB was launched by radical progressive successful moderating the WallStreetBets Reddit forum. The subreddit gained notoriety for the GameStop abbreviated squeeze, sending hedge funds to their knees successful January 2021.
The creators of the WSB token claimed that determination would beryllium nary allocation for the squad and that 10% of the coins would beryllium reserved for the subreddit. The website writes:
“It’s the fairest motorboat memecoin you volition find with nary squad allocation and nary presale. Just a escaped airdrop and immoderate coins for the community. 10% of the $WSB proviso is reserved arsenic a treasury for the r/wallstreetbets sub to bash with arsenic they please.”However, conscionable days later, 1 of the token’s squad members started to dump monolithic amounts of tokens. On May 4, on-chain detective ZachXBT tweeted that “zjz.eth,” who runs the moderation bots for the subreddit, has allegedly pulled the rug connected WSB investors. On-chain information shows that zjz.eth has sold WSB coins successful speech for 334 Ether (ETH), worthy astir $635,000 astatine the clip of writing.
Related: KuCoin confirms an speech idiosyncratic is down alleged regular rug pulls
The token terms dropped massively aft the dump, going from an all-time precocious of $0.00067279 to an all-time debased of $0.00004827 successful 2 days. Community members warned radical to refrain from buying the dip arsenic the moderators inactive person entree to 10% of the full supply.
— Eric Cryptoman (@EricCryptoman) May 4, 2023Meanwhile, different moderator who goes by WSBmod has threatened to study those who were progressive successful the dump to the constabulary and the FBI if they don’t scope out. The moderator urged zjz.eth to instrumentality the money.
Cointelegraph tried to scope retired to zjz.eth but did not get an contiguous response.
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