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It finally happened: WallStreetBets, the financial movement that started on Reddit, just launched its own DeFi platform. Let’s remember this was the team of Redditors who plotted to buy Gamestop stocks massively to pump its price last January. The event was, more than likely, to sabotage on purpose the bigger hedge funds.

Not long after, members of this group started to pump the price of Dogecoin (DOGE) as well. By February, CoinMarketCap did a parody token WSB, and someone even issued a bunch of real WSB tokens on the Waves blockchain. However, none of them had to do something with the original WSB team.

On the contrary, the newly-born WSB token was co-founded by Jaime Rogozinski, one of the founders of the original WallStreetBets on Reddit. The team also includes George Samman, a crypto investor; and “Chjango Unchained”, a former collaborator at Cosmos and current director of the dWeb Foundation.  

WSB Dapp official webpage. Screenshot.

The DeFi app, based on Binance Smart Chain (BSC), is available for trading on PancakeSwap (CAKE). The main instruments offered are the Exchange-Traded Portfolios (ETPs), described as “100% blockchain assets traded 24/7, t0, borderless, self-custodial, instantly redeemable, liquid, and completely fungible”.

The liquidity mining (farming) is also available against Binance Coin (BNB), Binance USD (BUSD), and CAKE. The promised Annual Percentage Yields (APYs) vary from 711% to 790%. Additionally, they’re offering the WSB-themed game “Tendy’s” to earn rewards in NFTs and giveaways for high scores.

Rogozinski commented about the launching:

“The amalgamation of blockchain technology with financial markets is the next logical step for finance — and not just for Wall Street but everywhere (…) It will result in stronger, more democratized markets and will empower individuals around the world.”

A fake WallStreetBets

Sadly, the release came along with a new cryptocurrency scam. Just before the real launching (but after the announcement), some group of scammers created a malicious Telegram group announcing a fake presale of WSB tokens.

Malicious group of fake WSB on Telegram. Source: Bloomberg

Then, the account “WallStreetBets – Crypto Pumps” asked for BNB and ETH in exchange for the supposed WSB tokens. Once transferred to the indicated addresses, the users should’ve contacted a “token bot” to get their WSB tokens. Of course, the bot never worked. Instead of it, they asked the users to re-send the same amount if they didn’t want to lose the investment due to “technical problems”.

The channel was deleted, but the amount lost is calculated as over $2 million. That’s why you should never trust sources outside the official ones. For now, according to the WSB official web, every token is at $0.15. Maybe that’ll increase in the near future, but only time will tell.

Featured Image by Anna Nekrashevich / Pexels

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I'm a literature professional in the crypto world since 2016. It doesn't sound very compatible, but I've been learning and teaching about blockchain and cryptos for international portals since then. After hundreds of articles and diverse content about the topic, now you can find me here on Alfacash, working for more decentralization.

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