The WSB Coin Controversy
The WallStreetBets insider, who allegedly rug-pulled WSB Coin, has returned the funds taken from the meme coin project. WSB Coin’s zjz.eth was accused of rugging the project but defended his actions on Twitter, pointing the finger at WallStreetBets’ Twitter operator WSBMod for profiting through secret airdrops. After a series of exchanges, the funds were returned to the project, resulting in a 155% surge in WSB Coin’s price.
The drama began when WSB Coin lost more than 90% of its value. On-chain investigator ZachXBT reported that WallStreetBets member zjz.eth had dumped over $600,000 worth of WSB from the project’s marketing funds, which he was holding for safekeeping. The insider then allegedly conspired with the WallStreetBets subreddit moderator (OIP) to empty the project’s multi-sig treasury.
WSBMod’s Public Callout and Threats
WSBMod publicly called out the insiders on Twitter, demanding they contact him to arrange the return of the stolen funds. The moderator shared the identities of both insiders on Twitter and threatened to involve the FBI over their rug pull. In response, zjz.eth announced on Twitter that he was seeking a method to return the stolen ETH. He further accused WSBMod of secretly airdropping over $25,000 worth of WSB Coin to enrich himself. However, the community criticized him for dumping the stolen WSBs and profiting over half a million dollars.
The Return of Stolen Funds and Price Recovery
After much deliberation and public exchanges, zjz.eth agreed to return the stolen funds, which led to a significant price recovery for WSB Coin. The digital asset experienced a 155% increase in value, demonstrating the power of community trust and transparency in the cryptocurrency world. This incident serves as a reminder for investors to exercise caution and due diligence when participating in meme coin projects or other high-risk ventures.
