Three moderators of Reddit's cryptocurrency forum sold over 100,000 MOON tokens before the platform's Community Point program was shut down. Reddit had announced its plans to discontinue the blockchain-based rewards service due to regulatory and scalability concerns. The tokens could be redeemed for various features on Reddit. The moderators allegedly acted on insider information by selling significant amounts of MOON tokens. The crypto community expressed disappointment over the discontinuation of Community Points, and the value of the MOON token dropped by 84% since then. The moderators claim to have received prior notice of the shutdown, but many community members suspect it was done to avoid legal issues with the SEC.
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