Before Reddit publicly announced the end of its community points program, at least two subreddit moderators liquidated a large amount of Moon tokens

2023-10-20 09:28:40

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ChainCatcher news, according to The Block, on-chain analysts have indicated that at least two moderators associated with Reddit's cryptocurrency subreddit liquidated a significant amount of Moon before Reddit publicly announced the end of its community points program.

On-chain analysts Pledditor and Lookonchain pointed out that one of the involved moderators has the username Mcgillby. Mcgillby transferred over 100,000 Moon through two separate transactions on the Arbitrum Nova blockchain, converting it to over $23,000 worth of ETH. The user subsequently deleted all previous Reddit posts. Mcgillby was identified as one of the top 20 Moon holders and a moderator. Another moderator, riderofthe_storm, transferred 345,422 Moon (worth over $69,000 at the time) to a trading address just 17 minutes before Reddit's public announcement; that Reddit account has since been deleted.

ChainCatcher previously reported that Reddit plans to terminate its blockchain-based community points reward service, Community Points, on November 8.

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