Reddit rugged its cryptocurrency users by discontinuing MOON token

R/Cryptocurrency sub-reddit has reward feature where they distribute MOON tokens at end of every month to the content creators.

reddit moon

These tokens were previously deployed on Ethereum testnet and later moved to Arbtrium blockchain, probably due to high Ethereum network fees.

Today, Reddit made a surprice announcement on their website, where all users who have subscribed to Cryptocurrency sub-reddit got a message that regulatory environment has added to scalability limitations. Moving away from MOON will allow them to invest in products that accomplish what community points program was aimed at.

We believe MOON tokens incentivized a lot of spam and moved discussion away from being genuine and thought provoking to pleasing the majority to obtain the highest number of upvotes and get more moons. So, we for one, are glad that moons are going away. Not everything needs to be monetized.

Unfortunately, those who bought MOONs or were farming them by posting on the sub-reddit, they have lost considerable amount of real world money. Value of MOON plummeted by whopping 90-percent in couple of hours, just after the announcement.