SNEAK PEEK

• WSB Coin experienced an exit scam resulting in a 90% value drop.
• Team member ZJZ.eth sold $635k worth of WSB tokens, raising suspicions.
• The WSBMod team attempted to reach the team member and threatened to report to authorities.

The cryptocurrency industry is no stranger to fraudulent activities, and the latest one to hit the headlines is an exit scam by the WSB Coin project. Investigator ZachXBT has reported that one of the team members, who was also running the WallStreetBets moderation bots, sold off a large chunk of the WSB tokens. As a result, the coin’s value dropped by approximately 90%.

Another day another meme coin rug this time involving ZJZ.eth from @wsbcoinofficial who suddenly dumped a large portion of the WSB team supply for $635k (334 ETH)

In Nov 2022 he messaged me

“I guess we should have been greedy amoral bastards instead 😔” pic.twitter.com/b9mfrZv0CD

— ZachXBT (@zachxbt) May 4, 2023

The team member, who goes by the nickname ZJZ.eth, made a trade worth $635,000, which raised suspicions among investors and triggered an investigation by ZachXBT. This is not the first time that ZJZ.eth has been involved in questionable activities, as he had previously expressed his desire to be a “greedy immoral bastard.” 

Adding to the suspicious activity, another member of the WSBMod team assisted in the transaction by acting as a second co-signer in a multi-sig wallet. The WSBMod team quickly responded to the situation, with one member attempting to contact ZJZ.eth through a Twitter Spaces community stream. 

However, their attempts to reach the team member were unsuccessful, and they resorted to publicly addressing him via Twitter. In their message, they warned ZJZ.eth that if he did not contact them within four hours, they would report the incident to the police and the FBI.

The WSBMod team also highlighted that ZJZ.eth was “completely doxed,” meaning that his identity and personal information were publicly available. They urged him to come forward and explain his actions and even offered him the chance to get his money back if he had a legitimate reason for the sale.