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Blockchain-based point program, which was officially terminated by the famous social media platform Reddit team, caused a significant loss of 85% in the value of Moons (MOON) token within hours. Recent developments revealed that two moderators of a community on Reddit had insider information and sold a significant amount of tokens before the announcement.
Lookonchain Share Draws Attention
At least three wallets associated with group moderators on the Reddit platform made notable transactions on October 18. Moments before the official announcement of the closure of the blockchain-based point program, which includes the use of specific cryptocurrencies unique to each community, hundreds of thousands of dollars worth of MOON tokens were sold. Lookonchain, a blockchain data analysis platform, announced a series of transactions performed by three wallets through a post on X.
The Reddit moderators learned about the closure of the blockchain-based point system one hour before the official announcement. Following the Reddit announcement, the token experienced an approximate 85% drop, and the MOON token price declined to $0.0198 levels.
Statement from MoonDust Founder
The two moderators successfully carried out the sale in order to gain more profit than the rest of the unaware community. Following this development, several blockchain detectives operating in the market attempted to reach the founder of MoonDust and learned the details about the issue.
According to MoonDust founder U/mellon, two moderators were removed from their positions, and an investigation was initiated regarding the other three moderators mentioned in the allegations. Following these events, it was observed that u/rider_of_the_strom and u/McGillby moderators were also removed from the platform.
In this program initiated by the Reddit team, platform users were able to earn points and use these points to spend community-specific crypto tokens like MOON. Users who commented on or engaged with posts shared in groups such as Crypto Currency were given ERC-20 tokens called MOON, which they could freely exchange, tip, or use for other purposes within the community.
