• WallStreetBets mod dumps memecoin worth $635K in alleged rug pull
• WSB Coin was launched by people involved in moderating WallStreetBets Reddit forum
• Token’s moderator has dumped massive amount of tokens for 334 Ether (ETH)

WallStreetBets Moderator Dumps Memecoin

A moderator of the popular trading subreddit r/WallStreetBets has dumped a large portion of the WSB Coin (WSB), a token project that claims to be the official memecoin of Wall Street Bets. The token price plummeted from an all-time high of $0.00067279 to an all-time low of $0.00004827 within two days after the dump.

Background on WSB Coin

The creators of the WSB token claimed that there would be no allocation for the team and that 10% of the coins would be reserved for the subreddit. On May 2, WSB was launched by people involved in moderating the WallStreetBets Reddit forum which gained notoriety for its involvement in GameStop short squeeze, sending hedge funds to their knees in January 2021.

Alleged Rug Pull

On May 4, on-chain detective ZachXBT tweeted that “zjz.eth,” who runs the moderation bots for the subreddit, has allegedly pulled the rug on WSB investors. On-chain data shows that zjz.eth has sold WSB coins in exchange for 334 Ether (ETH), worth around $635,000 at present time.

Price Plunge After Dump

The price dropped massively after zjz’s dump, going from an all-time high of $0.00067279 to an all-time low of $0.00004827 in two days time. Community members warned people to refrain from buying as this is suspected to be a rug pull orchestrated by one member with insider knowledge and access to resources within Wall Street Bets community itself or someone close to it..

Stay Safe In Web3

Stay safe while engaging with projects and tokens online by learning more about Web3 Antivirus and keeping yourself up-to-date with any potential rug pulls or scams out there aiming at unsuspecting investors looking too make quick gains from memecoin markets or other cryptocurrency investments