According to data emerging after the discontinuation of Reddit’s blockchain-based community points program, some Reddit moderators appear to have sold thousands of dollars’ worth of Moon tokens just minutes before the announcement.
Moderators Claimed They Were Unaware
On October 17th, Reddit announced the end of the community points program due to scalability issues. Following this announcement, some individuals serving as moderators claimed they were unaware of this decision. However, blockchain data suggests that certain moderators sold substantial amounts of Moon tokens just before the announcement.
According to the data, one moderator converted 109,000 Moon tokens into approximately $23,000 worth of Ethereum by conducting two separate transactions.
2/— Lookonchain (@lookonchain) October 19, 2023
0x27bD sold 109,931 $MOON for 15 $ETH($23K) 23 mins before the Announcement. https://t.co/RxCVoWcnNK
0x6886 deposited 346,422 $MOON to exchange 17 mins before the Announcement. https://t.co/ODgwTzNfky pic.twitter.com/qeKpm1f6fA
Another moderator, “rider_of_the_storm,” appears to have transferred 346,422 Moon tokens valued at over $69,000 to another address just 17 minutes before Reddit’s announcement.
Finally, shortly after Reddit publicly announced the discontinuation of the program, the moderators released a statement from their joint account, stating that they were informed about the end of the Community Points program one hour before it was publicly announced.