WSB Coin, the official memecoin for Wall Street Bets subreddit, has seen its value increase by more than 200% in the past 24 hours after the team member offered a redemption option behind the back pull.
Zjz.eth said he was looking for a refund mechanism that would allow him to return the stolen money. This could be claimed by those who bought the token before the May 4 dump. He urged any developer who could draft a contract to contact him.
Zjz.eth added that the original implementer WSBMod was secretly draining funds using the massive airdrops he claimed and sold many of the tokens. This, he says, was why WSBMod was willing to set up the pool for free and not claim any allocation for itself.
The revelation adds to the many controversies surrounding the WSB coin after Zjz.eth and other members who controlled the multi-sig initially pulled the memecoin and sold the tokens for 334 ETH – about $640,000.
Funds returned to multsig controlled by ZachXBT, others
Meanwhile, WSBMod refused Zjz.ETH’s allegations, saying that the addresses eligible for the airdrop were not his and that he had not profited from the token.
All funds were later returned to one multi-sig controlled by WSBMod and two crypto influencers, ZachXBT and Loopify.
After the repayment, the community voted to buy back all of the WSB using the remaining ETH in the recovery, returning the value.
This caused the WSB coin to skyrocket to $0.0003411 before returning to its current level of $0.00022010. Trading volume also exceeded $40 million in the past 24 hours, according to data from Coingecko.
Meanwhile WSBMod on announced that the memecoin would put together a new team, including a former Wall Street Bets moderator and a community manager, Aurelian. WSBMod added that there would be no changes to the multi-sig.
WSBMod said the team would work pro bono and the community will vote on any future compensation to team members.
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