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WallStreetBets subreddit-related meme coin WSB plummeted 90% after member zjzWSB bought a big portion of tokens for 334 ETH value $635k, triggering a mass selloff.

The crypto neighborhood is shocked as WSB workforce rug pulled their very own mission after combating towards Wall Street Baby for a number of days.

WallStreetBets Rug Pulled WSB Project

On-chain sleuth ZachXBT in a tweet on May 4 revealed that zjzWSB dumped practically 7 billion WSB tokens for 334 ETH ($635k). He reached out to hunt clarification on one other multisig signer for the 6.86 billion WSB transaction and located that zjzWSB created the transaction and mod OIP executed the sale. It is confirmed that zjzWSB and OIB are completely different individuals.

Another day one other meme coin rug this time involving ZJZ.eth from @wsbcoinofficial who out of the blue dumped a big portion of the WSB workforce provide 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 inner spat between the WallStreetBets mods as he stated WSBMod and WSB Ash don’t even belong to the favored 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 one other pockets that acquired 46.7 million WSB from zjzWSB additionally dumped the tokens for 8.312 ETH.

As a results of mass dumping, WSB value fell 90% and the worth is presently buying and selling at $0.000066 from a 24-high of $0.000535. WSB members had been not too long ago speaking about taking on the PEPE coin hype with its meme coin WSB and different tokens claiming to be associated 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 stays hopeful concerning the return of funds to the treasury.

i assumed bc they had been doxed, high mods of one of many largest subreddit, and placing their very own reputations as mods and the subreddit’s popularity on the road that there was no threat of them doing something like this

that was an enormous mistake. i obtained scammed they usually deserve jail time.

— WSBMod (@wsbmod) May 4, 2023

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

Varinder has 10 years of expertise within the Fintech sector, with over 5 years devoted to blockchain, crypto, and Web3 developments. Being a know-how fanatic and analytical thinker, he has shared his data of disruptive applied sciences in over 5000+ information, articles, and papers. With CoinGape Media, Varinder believes within the big potential of those progressive future applied sciences. He is presently masking all the most recent updates and developments within the crypto business.

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