WSB Coin, dubbed the unofficial coin of the Wall Street Bets (WSB) community, has suffered an 86% drop in value, with many alleging a rug pull.

Reports indicate that a large portion of the tokens was traded for 334 ETH, while another wallet traded it for a smaller amount, with approximately $650,000 in ETH traded so far.

The sudden surge in the value of the token had led to discussions within the crypto community and drew investors’ attention. Even those affiliated with the WallStreetBets community have spoken of the token before.

However, the alleged rug pull will likely anger the crypto community and WallStreetBets members alike. WSBMod, a former moderator of the subreddit, has reportedly contacted the founder of the token and threatened to file a police and FBI report if he didn’t respond. ZachXBT also tweeted about the situation and is seeking further information.

WSB Coin claimed to be the “official coin” of the WallStreetBets community, utilizing its imagery and identity to promote itself.

The project reserved 10% of its supply as a treasury for the r/wallstreetbets subreddit, while 5% of the tokens were reserved for the current moderators. The project had a litepaper, but the information was minimal, focusing more on airdrops and token allocations.