Wallstreetbets is invoking cryptocurrency scams using its likeness

The Wallstreetbets collective has denied their involvement with the Wallstreetbets cryptocurrency. A Reddit post from u / OPINION_IS_UNPOPULAR claims that an ex-mod is behind the scam, which he describes as a “crypto pyramid scheme”.

In February, at the height of the Wallstreetbets mania, it was revealed that the mods were split over a possible movie deal. A power struggle ensued, which led to the group that opposed the deal being started. After a message requesting the relocation of the ripped off group with over 9,000 upvotes, Reddit stepped in to remove the moderators and restore normalcy. But with so much complexity to the story, who can be trusted?

Wallstreetbets Deny Creating a cryptocurrency

Commenting on the Wallstreetbets cryptocurrency, u / OPINION_IS_UNPOPULAR distanced itself from its group from the project and said it has nothing to do with the real Wallstreetbets crowd.

He said it is another attempt by the disgraced founder of the group to cash in on the movement’s popularity. Other attempts include phishing users, a paid mentor group, advertising, turning options trading into an esport, as well as the aforementioned movie deal.

“We are strongly anti-monetization. This scam has nothing to do with us. “

Wallstreetbets rose to prominence after its influence on the share price of GameStop and AMC Cinema, and later Dogecoin. Several Wall Street hedge funds got a bloody nose by going short on these stocks.

The movement became a symbol of people’s power over large anonymous corporations trying to take advantage of misery. Political philosopher Slavoj Žižek emphasized the irony of the aftermath in which Wall Street called for state intervention.

“We are in a situation where Wall Street, the model of corrupt speculation and insider trading, which has always by definition opposed state intervention and regulation, now opposes unfair competition and calls for state intervention.”

What does it offer?

The Wallstreetbets cryptocurrency project describes itself as a decentralized application version of r / wallstreetbets that is community owned and operated.

WSB DAO was created to openly encourage the free flow of public information and opinion into actionable results. So that everyone, everywhere, can work together as one. “

Although it describes itself as a social media chat dapp, confusion arises when the whitepaper reveals a trading platform. It appears to be offering tokenized wallets that include GameStop (GME), AMC Entertainment (AMC), Nokia (NOK), Blackberry (BB), iShares Silver Trust (SLV), Tesla (TSLA), Apple (AAPL), and Virgin Galactic (SPCE). ). ) shares.

Holders of $ WSB tokens will vote to decide on the reallocation and exposure of each of these instruments within “Exchange Traded Portfolios”.

Users are asked to login with MetaMask, select an “Exchange Traded Portfolio”, of which there are three: DeFi, Stonks 1 and Stonks 2. Then send USDC to the relevant smart contract and get ETP tokens back. These represent a share of the underlying ETP assets.

The WSB dapp completed its Initial DEX (IDO) offering on the Binance Smart Chain launch pad on April 20.

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