A moderator of the WallStreetBets subreddit, known for its role in the GameStop short squeeze earlier this year, has been accused of participating in a rug pull. The moderator allegedly dumped a meme coin called WSB Finance (WSB) worth $635k, causing outrage among investors.
Allegations of Rug Pull
According to a post on the WallStreetBets subreddit, the moderator in question, known as “CryptoGod_101,” sold all of their WSB tokens on May 29, causing the price to plummet. The post claims that CryptoGod_101 had been promoting the coin on the subreddit and had even created a website for it, leading many investors to trust the moderator and invest in the coin.
However, after the alleged rug pull, many investors are now accusing CryptoGod_101 of scamming them. Some have even called for the moderator to be removed from the WallStreetBets subreddit.
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Response from CryptoGod_101
In response to the allegations, CryptoGod_101 posted a statement on the WallStreetBets subreddit, claiming that they had sold their WSB tokens due to concerns about the project’s future. The moderator also denied any wrongdoing and stated that they had not violated any rules.
Impact on Investors
The alleged rug pull has caused significant losses for many investors who had invested in WSB Finance. The price of the coin has dropped by over 90% since the incident, and many investors are now left with worthless tokens.
The alleged rug pull by a WallStreetBets moderator has caused outrage among investors and raised questions about the trustworthiness of cryptocurrency projects. While the moderator denies any wrongdoing, the incident serves as a reminder to investors to be cautious when investing in meme coins and to do their own research before investing.