WallStreetBets-Related Memecoin Tumbles 90%, WSBMod Considers FBI Report

WallStreetBets subreddit-related meme coin WSB plummeted 90% after member zjzWSB sold a large portion of tokens for 334 ETH worth $635k, triggering a mass selloff. The crypto community is shocked as WSB team rug pulled their own project after fighting against Wall Street Baby for several days.

WallStreetBets Rug Pulled WSB Project

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

Another day another meme coin rug this time involving ZJZ.eth from @wsbcoinofficial who suddenly dumped a large portion of the WSB team supply 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 internal spat between the WallStreetBets mods as he say WSBMod and WSB Ash don’t even belong to the popular 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 another wallet that received 46.7 million WSB from zjzWSB also dumped for the tokens for 8.312 ETH.

As a result of mass dumping, WSB price fell 90% and the price is currently trading at $0.000066 from a 24-high of $0.000535.

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 remains hopeful about the return of funds to the treasury.

i assumed bc they were doxed, top mods of one of the largest subreddit, and putting their own reputations as mods and the subreddit’s reputation on the line that there was no risk of them doing anything like this

that was a huge mistake. i got scammed and they deserve jail time.

— WSBMod (@wsbmod) May 4, 2023

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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