Reddit’s Unexpected Decision
On October 17, Reddit dropped a bombshell on its users by announcing the winding down of its much-touted blockchain-based community points program. The reason? Scalability issues that made many in the crypto community raise their eyebrows—and not in a good way. Some users even labeled it a ‘rug-pull’, a term reminiscent of the worst horror show in cryptocurrency.
The Token Tank
Prior to the announcement, each subreddit had its moment in the crypto sun with its own native token. For instance, the r/CryptoCurrency community boasted the Moons (MOON), while r/FortNiteBR was the proud owner of Bricks (BRICK). These tokens were more than just flashy badges; users could swap them for exclusive perks like spiffy avatar items. But, as they say, what goes up must come down – and down they went in a spectacular fashion!
Unexpected Knowledge?
Moderators from various subreddits claimed they were blindsided by the community points program’s termination. However, conspiracy theories began swirling once new on-chain data emerged, hinting that a few moderators might have known a bit too much. Notably, a subreddit moderator, u/Mcgillby, was linked to several wallets that dumped millions in tokens just before the devastating news broke.
Chasing the Whiff of Suspicion
Pledditor, an on-chain analyst, was the first to start waving red flags. They pointed out that u/Mcgillby moved over 100,000 MOON in two transactions, scoring a tidy sum of over $23,000 in ETH. A classic case of ‘follow the money,’ right? And as if turning a blind eye wasn’t enough, this moderator went ahead and deleted all previous Reddit posts. Coincidence? You be the judge!
Timing Is Everything
In an even juicier twist of fate, mere minutes before the official statement dropped, another moderator, u/Rider_of_the_storm, allegedly transferred over 345,422 MOON tokens—worth a staggering $69,000—into an exchange address. The account has now vanished into thin air, leading many to wonder: did they sense the impending doom? Lookonchain’s data showed alarming activity from at least three subreddit administrators around the time of the announcement.
The Moderator’s Response
Faced with growing scrutiny, Reddit moderators released a statement claiming they only received the official notice about the program’s cancellation an hour before it was made public. Sounds oddly convenient, wouldn’t you say? It leaves the community pondering: did these moderators really have insider information? The scandal continues to unfold, and fans await the next plot twist.
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