The launch of WSB Coin (WSB), the self-proclaimed official meme coin of Wall Street Bets, has been mired in controversy. Investors were left concerned after a moderator of the popular trading subreddit reportedly sold a significant portion of the token, causing its value to plummet. A well-known on-chain explorer then claimed that a team member with the moniker "zjz.eth" allegedly pulled the rug out from under investors, selling off WSB coins for 334 Ethereum tokens, worth around $640,000.
However, the prime suspect has taken to Twitter to explain that WSB coin was actually created to enrich another subreddit moderator, "WSBMod" who, as he claims, had siphoned off the coin through large airdrops for his own benefit. "zjz.eth" has apologized for not having realized this earlier and has urged developers to create a contract that would allow those who held the token before the dump to claim ETH.
The token's value has taken a huge hit, falling by 92.8% in just two days since the dump. Meanwhile, "WSBMod," in their turn, has threatened to report those who participated in the dump to law enforcement authorities if they do not plead.
It is important to note that team members were not supposed to receive any allocation of the token, casting doubt on their involvement in the rugpull. Nevertheless, "zjz.eth" has confirmed that the funds are secure and that a return mechanism is in the works that does not involve purchasing back into the "WSBMod's" network.