Reddit’s r/CryptoCurrency group removes moderators accused of insider buying and selling

• r/CryptoCurrency removes moderators for MOON token insider buying and selling.
• Insider buying and selling led to an 85% token worth drop, sparking debates.
• MOON token’s future stays unsure, with discussions and pending choices.

In a current improvement inside the r/CryptoCurrency subreddit, a group of 6.9 million crypto fanatics, a bunch of moderators has been ousted for alleged insider buying and selling of MOON tokens.

This incident has stirred a flurry of discussions inside the crypto group, elevating questions on equity, transparency, and regulatory actions.

Moderators eliminated amid insider buying and selling accusations

Final Tuesday, Reddit introduced its determination to terminate the “Neighborhood Factors” program – a blockchain-based system designed to reward content material creators and builders. This program allowed customers to earn and spend group factors utilizing native tokens like MOON.

Nonetheless, a big controversy erupted when it was revealed that some moderators had traded MOON tokens shortly earlier than the official announcement.

4/

In line with @CCMOD_, the Reddit admins posted an announcement at 13:02 New York Time declaring their plans to sundown help for RCPs.https://t.co/0I3zAfMnde

From @Pledditor. https://t.co/nJcI16Nj7E

— Lookonchain (@lookonchain) October 19, 2023

Roughly half-hour earlier than Reddit’s determination, these moderators reportedly offered 456,353 MOON tokens, valued at $92,000, inflicting the token’s worth to plummet by over 85% to $0.0198.

The gravity of the scenario prompted swift motion. Reddit’s r/CryptoCurrency group took a decisive step by eradicating all moderators concerned within the insider buying and selling of MOON tokens. This transfer aimed to deal with issues of equity and integrity inside the group.

Way forward for MOON tokens

The insider buying and selling incident has elicited a variety of responses from the crypto group. Some people referred to as for regulatory actions in opposition to the moderators accused of wrongdoing, emphasizing the necessity for accountability. Concurrently, others expressed dissatisfaction with the advance notification given to moderators, arguing that each one members ought to have been handled equally.

The r/CryptoCurrency subreddit is now actively deliberating the way forward for MOON tokens.

A proposal put forth by u/mellon98, a core contributor and founding father of MoonsDust, is into account. Moreover, the group awaits Reddit’s determination on whether or not to switch the MOON token contract to the group or a burn tackle.

Within the midst of this turmoil, r/CryptoCurrency asserts its dedication to the MOON group token, emphasizing that “Moons are right here to remain.”

The Reddit r/CryptoCurrency group’s actions replicate its dedication to upholding these ideas and making certain the sustained presence of MOON tokens within the crypto area.