WSB rallies over 200% after suspect offers refund option

WSB Coin, the official memecoin for Wall Street Bets subreddit, has seen its value surge by over 200% in the last 24 hours after the team member behind the rug pull offered a refund option.

Zjz.eth said he was looking for a refund mechanism that would enable him to return the stolen funds. This would be claimable by those who bought the token before the May 4 dump. He urged any developer who could create a contract to contact him.

Zjz.eth added that the original deployer WSBMod was secretly draining funds using the huge airdrops he claimed and sold many of the tokens. According to him, this is why WSBMod was willing to set up the pool for free and claimed no allocation for himself.

The revelation adds to the many controversies surrounding the WSB coin after Zjz.eth and other members who had control of the multi-sig initially rug pulled the memecoin and sold the tokens for 334 ETH — roughly $640,000.

Funds returned to multsig controlled by ZachXBT, others

Meanwhile, WSBMod denied Zjz.ETH’s allegations, saying the addresses eligible for the airdrop did not belong to him and that he had not benefited from the token.

All the funds were later sent back to a multi-sig controlled by WSBMod and two crypto influencers, ZachXBT and Loopify.

After the refund, the community voted to buy back all the WSB using the remaining ETH in the recovery — causing the value to rebound.

Due to this, the WSB coin shot to as high as $0.0003411 before rebounding to its current levels of $0.00022010. Its trading volume also exceeded $40 million during the last 24 hours, according to Coingecko data.

Meanwhile, WSBMod further announced that the memecoin would assemble a new team that would include a former Wall Street Bets moderator and a community manager, Aurelian. WSBMod added that there would be no changes to the multi-sig.

WSBMod said the team would be working pro bono, and the community will vote on any future compensation to team members.

The post WSB rallies over 200% after suspect offers refund option appeared first on CryptoSlate.

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