Moderators in charge of Reddit’s largest crypto topic have been dismissed following charges that they sold off the subreddit’s native MOON cryptocurrency just minutes before the platform discontinued its crypto rewards scheme.
According to reports and a comment on r/Cryptocurrency, “all the moderators who sold Moons before the announcement have already been removed from the mod team.”
MOON was originally available for distribution, trading, and spending as part of Reddit’s blockchain-based community points scheme. Last Tuesday, however, it was revealed that the program would be terminated on November 8.
One hour before the announcement, Reddit management apparently warned moderators in charge of the r/Cryptocurrency thread of the impending cancellation. According to cryptosleuths, three moderators sold their shares within an hour of the news breaking publicly.
The dismissed moderators are said to have sold at least 456,353 MOON tokens for $92,000. The price of Moon tokens decreased by 21% before the announcement and by 85% after the cancellation was announced.
Stay in the know on crypto by frequently visiting Crypto News Today
Reddit said in announcing the move that the initiative lacked “an outsized commitment to resources.” It wrote, “Though the moderators and communities that supported Community Points have been incredible partners — as it’s evolved, the product is no longer set up to scale.”
CryptoCaster Quick Check:
Many members on the r/Cryptomoons subreddit are still unsure what to do with their tokens, while others are seeking to devise a solution that would allow them to continue using Moon Tokens without the involvement of Reddit.
If this article brought you clarity, insight, or value—support the work that made it possible.
At CryptoCaster, we report on Web3, crypto markets, and institutional finance with no billionaire owners, no shareholders, and no hidden agenda. While mainstream media bends toward Elon Musk, BlackRock, and JPMorgan narratives, we stay focused on what matters: truth, transparency, and the public interest.
We don’t just cover the headlines—we investigate the power structures behind them. From FTX and Ripple to the quiet push for CBDCs, we bring fearless reporting that isn’t filtered by corporate interests.
CryptoCaster is 100% paywall-free. Always has been. To keep it that way, we depend on readers like you.
If you believe independent crypto journalism matters, please contribute—starting at just $1 in Bitcoin or Ether. Wallet addresses are below.
Your support keeps us free, bold, and accountable to no one but you.
Thank you,
Kristin Steinbeck
Editor, CryptoCaster
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
CRYPTOCASTER HEATMAP
