Cryptocurrency WSB Coin has made the headlines recently, as a key figure from the project appears to have dumped a large amount of tokens held in reserve for the team. Data from CoinGecko shows that the coin's price decreased by nearly 90% after the news reached the public.

Ice Bagz drew attention to the issue on Twitter, and ZachXBT later weighed in, claiming that the user zjz.eth had sold a portion of the tokens, valued around $635k. Furthermore, PeckShield noted that another wallet was sent a significant quantity of WSB Coin from zjz.eth and then rapidly dumped for 8.312 ETH.

OIP, another WSB Coin moderator, is rumoured to have been the second signee on a multi-signature wallet and authorized the transactions. However, requests for comment from both zjz.eth and WSBMod have so far gone unanswered.

In an attempt to pacify the community, WSBMod hosted an urgent Twitter Spaces, wherein the team attempted to reach zjz.eth with no success. Consequently, WSBMod threatened to take action, warning him that they are fully doxxed and will file a police and FBI report within four hours if they don't receive an explanation.

The crypto token was released on May 2 and as per a tweet at the time, 10% of the supply was reserved for WallStreetBets and the other 5% for moderators. The exact nature of the relationship between the token and the subreddit is still unknown.



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