More like they realized they couldn't grift any extra money from it.
Consuming basically no resources and yet it was still losing money.
Or rather... the tokens were held on a sidechain created in collaboration with FTX... yes, that FTX, the one that "misplaced" a bunch of billions of dollars, and for a long time it took a somewhat elaborate way to convert Reddit community points (Moons, Bricks) into USD.
A couple months ago, after the API debacle, the tokens got listed on Kraken... and their value took a quick nosedive.
They "IPO-ed" them, and it failed, so now they're slashing them.
Man, how much institutional failure is one man's ego actually worth?
More like they realized they couldn't grift any extra money from it.
Consuming basically no resources and yet it was still losing money.
Or rather... the tokens were held on a sidechain created in collaboration with FTX... yes, that FTX, the one that "misplaced" a bunch of billions of dollars, and for a long time it took a somewhat elaborate way to convert Reddit community points (Moons, Bricks) into USD.
A couple months ago, after the API debacle, the tokens got listed on Kraken... and their value took a quick nosedive.
They "IPO-ed" them, and it failed, so now they're slashing them.
Man, how much institutional failure is one man's ego actually worth?
Many moons.