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WSB Coin drops 85% following suspected rug pull

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The r/wallstreetbets meme coin, WSB Coin (WSB), has lost more than 85% of its value. One of the key people behind the project may have sold off many of the tokens intended for the team.

A member of the WSB community named Ice Bagz raised the alarm on May 4 after blockchain data indicated that the meme project’s bot moderator, zjz.eth, was selling massive amounts of WSB Coin via Uniswap.

Ice Bagz brought the suspicious transactions to the attention of another key figure in the r/wallstreetbets project, WSBMod.

Moderator threatens police action

Following the revelation, blockchain sleuth ZachXBT added his input to the situation, claiming that zjz.eth had dumped a massive chunk of the r/wallstreetbets team’s token supply for 334 ETH worth approximately $635,000.

ZachXBT also stated that WSBMod fingered another moderator, OIP, for abetting the suspected rug pull. 

According to the blockchain investigator, zjz.eth created the transaction while OIP authorized it as the second co-signer on the project’s multi-sig wallet.

The crypto security firm PeckShield also weighed in on the matter, tweeting that another wallet that had received more than 46 million WSB from zjz.eth had also dumped the meme coin for 8.312 ETH.

Following the incident, WSBMod called out zjz.eth in a tweet, asking the suspected rogue moderator to reach out within four hours or be reported to the police and FBI.

WSBMod also insisted that zjz.eth still had the option of returning the stolen funds and explaining why they took the money.

WSB Coin flops at the market

The revelations caused the price of WSB to drop more than 85%, according to data from CoinMarketCap

The token is currently priced at $0.00006302, down from $0.0005728.

WSB Coin drops 85% following suspected rug pull - 1
WSB Coin price movement | Source: CoinMarketCap

The coin, fronting itself as the “official unofficial memecoin of r/wallstreetbets,” went online on May 2, trading at $0.0002741. 

It subsequently went as high as $0.0006912, benefiting from the current meme coin craze sweeping the crypto market.

WSB Coin claims to have had no presale or team allocation. However, 10% of the token’s supply was designated for r/wallstreetbets, and 5% was saved for moderators.

When going to press, zjz.eth had not responded to any accusations.

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