A WallStreetBets’ insider who rugged WSB Coin has returned the funds he took from the project.
$WSB lost more than 90% earlier today after insiders dumped more than half a million dollars worth of the memecoin.
The insider responsible for the rug pull has since made contact with the WallStreetBets team to make WSB investors whole.
$WSB gained more than 150% after the insider agreed to return the funds.
The WallStreetBets insider accused of pulling the rug from under WSB Coin investors has returned the funds he took from the memecoin project. In a rather interesting turn of events, WSB Coin’s zjz.eth who was accused of rugging the project, took to Twitter earlier today to defend his actions and instead accuse WallStreetBets’ Twitter operator WSBMod of gaining undue profits through secret airdrops of the memecoin. Following hours of back and forth, the stolen funds were returned to the project, leading to a 155% hike in WSB Coin’s price.
WallStreetBets Insider Returns 332 ETH To WSB Coin
The controversy started earlier today after the recently launched WSB Coin lost more than 90% of its value. Popular On-chain sleuth ZachXBT revealed that a member of WallStreetBets (zjz.eth) had dumped more than $600,000 worth of WSB from the project’s marketing funds that he was holding for safekeeping. The insider then proceeded to collude with the moderator of the WallStreetBets subreddit (OIP), to drain the project’s multi-sig treasury.
WSBMod called out the project’s insiders on Twitter and demanded they get in touch to facilitate the return of the stolen funds. The moderator shared the identities of both insiders on Twitter and threatened to contact the FBI over their rug pull. zjz.eth soon took to Twitter to reveal that he was seeking a return mechanism for the eth he had taken. He further accused WSBMod of draining WSB Coin through secret airdrops of over $25,000. He alleged that the memecoin was designed to enrich the moderator. However, he was called out by the community for dumping the stolen WSBs and netting over half a million dollars in the process.
WSBMod proceeded to set up a 2/3 multi-sig with on-chain sleuth ZachXBT as one of the signers. On-chain data from Etherscan shows that zjz.eth has since returned over 4 billion WSB and 332 ETH, which are worth a total of more than $1 million as per the current price of the crypto assets. Following the return of the funds, WSB Coin surged by more than 155%, reaching as high as $0.00022.