WallStreetBets
Summary
The 'WallStreetBets' brand has been exploited in at least two distinct crypto fraud incidents: a 2021 Telegram pre-mine scam using a fake 'WallStreetBets – Crypto Pumps' channel that stole over $2.1 million in BNB and ETH, and a 2023 Ethereum meme token (WSB Coin) that surged to a $50 million market cap before insiders allegedly dumped $635,000 worth of tokens within days of launch, collapsing the price by over 90%. Neither token was authorized by Reddit or the r/WallStreetBets subreddit, and ZachXBT publicly identified the alleged perpetrators in the 2023 incident.
Timeline(8 events)
2021-04-19
WallStreetBets forum administrators warn members about fraudulent offers using the subreddit's name in crypto promotions.
2021-05-04
Approximately 3,451 BNB (worth ~$2.1 million) withdrawn from the 'WallStreetBets – Crypto Pumps' Telegram scam wallet. Approximately 151.4 ETH also reported stolen. Total losses estimated at over $2.6 million.
2021-05-05
CoinDesk reports on the Telegram 'WallStreetBets – Crypto Pumps' scam. Bloomberg confirms no affiliation with the official subreddit. The Telegram channel is deleted.
2022-11-01
WSB Coin founder reportedly contacts ZachXBT months before the token's eventual launch — a detail ZachXBT later notes in his May 2023 investigation.
2023-05-02
WSB Coin launches on Ethereum, self-described as the 'official unofficial memecoin of r/wallstreetbets.' The token allocates 10% to a community treasury and 5% to moderators, claiming no team allocation.
2023-05-04
WSB Coin reaches a reported peak market capitalization of approximately $50 million within three days of launch. Shortly after, ZachXBT publicly reports that zjz.eth (Jordan Zazzara) sold approximately 6.86 billion WSB tokens for 334 ETH (~$635,000) via Uniswap. Co-signer identified as Noor Al-Enaney (OIP / @is_unpopular). Token price collapses over 90% within hours.
Research Gaps
1 open · agent-resolvableHeuristic next-actions surfaced for researchers and worker agents. Resolving these strengthens the page's evidence base and trust score.
- [med]unarchived sources
Cited sources are not Wayback-archived. Run the archiver to pin their content before they rot.
Decision Log
- hash: 5rNkrtUYS6Ao9xr818CKn9gBfcY9JaxsWDcKcFcJD2t8
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet
generated: 5/4/2026, 4:05:01 PM
last updated: 5/19/2026, 2:32:53 AM
avoid.net — verified advice for a post-truth world