May 05, 2023
Moderator of WallStreetBets Dumps $635,000 Worth of WSB Coin
The WallStreetBets (WSB) subreddit has seen its fair share of controversy lately, and the latest drama surrounds a token project launched by the forum’s moderators. On May 2, the WSB Coin (WSB) was released with the promise that 10% of the token supply would be reserved for the subreddit. However, just days later, one of the token’s team members began to dump massive amounts of tokens.
On May 4, on-chain detective ZachXBT tweeted that “zjz.eth,” who runs the moderation bots for the subreddit, had allegedly pulled the rug on WSB investors. On-chain data shows that zjz.eth sold WSB coins in exchange for 334 Ether (ETH) worth around $635,000 at the time of writing.
The token price dropped significantly after the dump, going from an all-time high of $0.00067279 to an all-time low of $0.00004827 in two days. Community members warned people to stay away from buying the dip as the moderators still have access to 10% of the total supply.
The moderator WSBmod has threatened to report those who were involved in the dump to the police and the FBI if they don’t reach out. The moderator has urged zjz.eth to return the money. Cointelegraph attempted to contact zjz.eth but did not receive an immediate response.
The incident has sparked conversation about the future of the WSB Coin, as well as the importance of NFTs and crypto marketing. It’s no secret that NFTs have become increasingly popular in recent months, and the WSB Coin is yet another example of the power of NFTs.
NFTs are digital assets that are secured on the blockchain, allowing them to be bought, sold, and traded. NFTs can be used for a variety of purposes, including promotion, marketing, and even selling digital art.
The WSB Coin was created to promote the WallStreetBets subreddit, but it’s also a great example of how NFTs can be used for marketing. By creating a token that can be bought, sold, and traded, the moderators of the subreddit created a way to promote their community and drive more traffic to their website.
The incident also highlights the importance of crypto marketing. With the increasing popularity of crypto and NFTs, it’s essential for businesses and organizations to create a marketing strategy that takes advantage of these new technologies.
Whether it’s through Twitter NFT marketing, NFT promotion, or working with a web3 agency, businesses and organizations need to create a plan that helps them reach their target audience and get the most out of their NFTs.
The WSB Coin incident is a reminder that, while NFTs can be a powerful tool for promotion and marketing, it’s important to be aware of the potential risks associated with them. As the crypto and NFT space continues to grow, it’s essential to stay informed and take the necessary steps to protect yourself and your investments.
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