Reddit mods dumped tokens hours before blockchain program termination
Analysis of token movements from Redditor moderators' wallets suggests at least three moderators dumped thousands of dollars worth of Moon tokens just minutes before the actual announcement. Popular social network platform Reddit announced the wind-down of its blockchain -based community points program on Oct. 17 citing scalability issues. The announcement created controversy in the crypto community with many calling it a rug-pull as the price of the native token on different subreddits tanked after the announcements. Each subreddit had its own native token . For example, the Moons (MOON) token was the native crypto asset of the r/CryptoCurrency board, while Bricks (BRICK) was for the r/FortNiteBR subreddit. Users could spend these points on badges and exclusive items for their avatars. At the time of the announcement the moderators of most of the subreddits involved with the community points program claimed to be unaware of the decision. However, this is now being called int...