NewsletterWallStreetBets-Related Memecoin Tumbles 90%, WSBMod Considers FBI Reporting
WallStreetBets subreddit-related meme coin WSB plummeted 90% after member zjzWSB sold a large portion of tokens for 334 ETH worth $635k, triggering a mass selloff.
The crypto community is shocked as WSB team rug pulled their own project after fighting against Wall Street Baby for several days.
WallStreetBets Rug Pulled WSB Project
On-chain sleuth ZachXBT in a tweet on May 4 revealed that zjzWSB dumped nearly 7 billion WSB tokens for 334 ETH ($635k). He reached out to seek clarification on another multisig signer for the 6.86 billion WSB transaction and found that zjzWSB created the transaction and mod OIP executed the sale. It is confirmed that zjzWSB and OIB are different persons.
Another day another meme coin rug this time involving ZJZ.eth from @wsbcoinofficial who suddenly dumped a large portion of the WSB team supply for $635k (334 ETH)
In Nov 2022 he messaged me
“I guess we should have been greedy amoral bastards instead 😔” pic.twitter.com/b9mfrZv0CD
— ZachXBT (@zachxbt) May 4, 2023
The tweets from zjzWSB revealed an internal spat between the WallStreetBets mods as he said WSBMod and WSB Ash don’t even belong to the popular subreddit WallStreetBets.
“I’ve had my issues with wsbmod but I see no reason to let bootleg shitcoins use our name unchallenged.”
PeckShieldAlert reported that another wallet that received 46.7 million WSB from zjzWSB also dumped the tokens for 8.312 ETH.
As a result of mass dumping, WSB price fell 90% and the price is currently trading at $0.000066 from a 24-high of $0.000535. WSB members were recently talking about taking over the PEPE coin hype with its meme coin WSB and other tokens claiming to be related to WallStreetBets are rug pulls.
Meanwhile, WSBMod gave zjzWSB a 4-hour deadline to contact him. He claims to file police and FBI report if zjzWSB fails to contact him. He remains hopeful about the return of funds to the treasury.
i assumed bc they were doxed, top mods of one of the largest subreddit, and putting their own reputations as mods and the subreddit's reputation on the line that there was no risk of them doing anything like this
that was a huge mistake. i got scammed and they deserve jail time.
— WSBMod (@wsbmod) May 4, 2023
Also Read: US House Expedites Hearings On Crypto Regulations and Banking Failures
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