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.
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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.”
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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.
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