Reddit Crypto Community Removes Moderators Accused of MOON Insider Trading

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

Reddit’s r/CryptoCurrency community of 6.9 million users has fired the moderators who had traded subreddit’s native token MOON minutes before Reddit

MOON, an ERC-20 token, is distributed as a reward to users for their posts or comments in the r/CryptoCurrency subreddit and can be freely traded, tipped, or spent in the community for different purposes. The token fell over 85% to $0.0198 on the back of the Reddit announcement.The insider trading enraged many in the investor community, with some calling for regulatory action against moderators while others raising question marks on Reddit’s decision to inform moderators in advance.

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