WallStreetBets-Related Memecoin Tumbles 90%, WSBMod Considers FBI Report

    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.

    The tweets from zjzWSB revealed an internal spat between the WallStreetBets mods as he say 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 for 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.

    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.

    Also Read: US House Expedites Hearings On Crypto Regulations and Banking Failures

    Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

    The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

    Source link

    Latest stories

    - Advertisement -

    You might also like...