WallStreetBets-linked Token Pricing Falls After a Moderator Appears to Sell Tokens

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Last Updated on May 4, 2023 by Bitfinsider

A key figure behind a cryptocurrency associated with the WallStreetBets subreddit appears to have sold off a substantial quantity of tokens reserved for the team.

zjz.eth, who according to his Twitter profile runs WallStreetBets’ moderation bots, sold off significant amounts of WSB Coin via Uniswap over the course of several hours, according to blockchain data.

According to data from CoinGecko, the price of WSB Coin fell by nearly 90% in the hours following the news.

This evening, a Twitter user named Ice Bagz brought initial attention to the incident. ZachXBT, a blockchain investigator, stated later that zjz.eth “suddenly dumped a large portion of the WSB team supply for $635k (334 ETH).” Later, crypto security analysts PeckShield tweeted that another wallet that had received a large quantity of WSB Coin from zjz.eth “also seems to have dumped for 8.312 ETH.”

ZachXBT subsequently claimed in a separate tweet that another WSB Coin moderator named OIP assisted in authorising the transactions as the second co-signer on a multisignature wallet.

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