Reddit Rugpulls The Moons Project

There was a lot of hype over the past year on Reddit about 'Community Points'. In a way, it was a kind of centralized version of Hive. There were three designated subreddits where the upvotes you got were tallied separately and you could then trade those upvotes for other cryptocurrencies.

The biggest of the three was r/cryptocurrency, followed by r/fortnite and the smallest of the three was r/ethtrader. Earning money for shitposting was the dream that was sold on these subreddits and for a while, many believed that it was possible.

Some of the top posters were making around $4,000 USD per month based on on ATH prices and around $2,000 USD based on the price just before the rugpull. A pretty crazy amount just for posting articles from websites that we all read anyway.

It gets even worse because there were a number of investors who bought thousands of moons thinking it would be a good investment at the ATH prices and they've been wiped out overnight.

It just goes to show the perils of centralization. While they hide behind some corporate speak, the real reason is probably that they're getting ready for the Reddit IPO and the community points present a distraction or potential legal liability. And just like that, hundreds of millions in crypto valuation was destroyed.