Reddit’s r/CryptoCurrency community has fired two moderators who were found to be involved in insider trading of the Moons (MOON) token, Cointelegraph has confirmed.
The Reddit moderators were made aware of the closure of the blockchain-based points program an hour earlier than the official announcement. The Reddit announcement caused the token to drop by nearly 85% to $0.0198, but two moderators managed to sell just in time to make more gains than the rest of the unaware community.
Cointelegraph reached out to r/CryptoCurrency to understand the insider trading allegations and how the investigation went through. U/mellon, a core contributor and MoonDust founder, told Cointelegraph that two moderators were removed while three others are being investigated:
“2 mods got removed, as they sold their Moons before the official announcement from Reddit: u/rider_of_the_strom u/McGillby.”
The program allowed participants on the platform to earn points and spend them using community-native crypto tokens such as MOON. In the r/CryptoCurrency subreddit, users who post or leave comments are given the ERC-20 token MOON, which they can freely exchange, tip or use for other purposes in the community.
Former Conservative chairman and friend of Boris Johnson – Sir Jake Berry – is defecting to Reform UK, causing more problems for Tory leader Kemi Badenoch.
On today’s episode, Sky News’ Sam Coates and Politico’s Anne McElvoy discuss if his defection will divide parts of Reform policy.
Elsewhere, the Anglo-French summit gets under way, with Prime Minister Sir Keir Starmer hoping to announce a migration deal with French President Emmanuel Macron to deter small boat crossings.
Plus, chatter around Whitehall that No10 are considering a pre-summer reshuffle, but will it have any value?
The trial is part of Project Acacia, an initiative from the RBA exploring how digital money and tokenization could support financial markets in Australia.
Ex-Tory chairman Sir Jake Berry has defected to Reform, in the latest blow to the Conservatives.
The former MP for Rossendale and Darwen, who served as Northern Powerhouse minister under Boris Johnson and lost his seat last year, said he had defected to Nigel Farage’s party because the Tories had “lost their way”.
Reform UK confirmed the defection to Sky News, which was first broken by The Sun.
Speaking to the paper, Sir Jake said Mr Farage’s party was the “last chance to pull Britain back from terminal decline”.
“Our streets are completely lawless,” he said.
“Migration is out of control. Taxes are going through the roof.
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“And day after day, I hear from people in my community and beyond who say the same thing: ‘This isn’t the Britain I grew up in’.”
Sir Jake accused his former party of “abandoning the British people” but said he was not “giving up”.
“I’m staying. And I’m fighting.
“Fighting for the Britain I want my kids, and one day, my grandkids, to grow up in.”
Mr Farage welcomed what he said was “a very brave decision” by Sir Jake.
“His admission that the Conservative government he was part of broke the country is unprecedented and principled,” he added.
A Conservative Party spokesman said: “Reform support increasing the benefits bill by removing the two-child cap, and nationalising British industry. By contrast the Conservatives, under new leadership, will keep making the case for sound money, lower taxes and bringing the welfare bill under control.
“We wish Jake well in his new high spend, high tax party.”
Sir Jake’s defection to Reform comes just days after former Conservative cabinet minister David Jones joined Reform UK, which continues to lead in the polls.
Image: Former Welsh secretary David Jones (R) alongside Tory MP Mark Francois. Pic: PA
Mr Jones, who was MP for Clwyd West from 2005 until standing down in 2024, said he had quit the Tories after “more than 50 years of continuous membership”.
Sir Jake was the MP Rossendale and Darwen in Lancashire between 2010 and 2024, when he was defeated by Labour’s Andy MacNae.
He held several ministerial posts including in the Department for Housing, Communities and Local Government, Energy and Climate Change and the Cabinet Office.
Image: Nigel Farage after winning the Runcorn and Helsby by-election.
Pic: Reuters
He was also chairman of the Conservative Party from September to October 2022, under Liz Truss.
Announcing his defection – which comes a year after the Tories suffered their worst ever election defeat – Sir Jake said “Britain was broken” and “the Conservative governments I was part of share the blame”.
“We now have a tax system that punishes hard work and ambition,” he said.
“Just this week, we saw record numbers of our brightest and best people leaving Britain because they can’t see a future here. At the same time, our benefits system is pulling in the world’s poor with no plan for integration and no control over who comes in.
“If you were deliberately trying to wreck the country, you’d be hard-pressed to do a better job than the last two decades of Labour and Tory rule.
“Millions of people, just like me, want a country they can be proud of again. The only way we get that is with Reform in government. That’s why I’ve resigned from the Conservative Party. I’m now backing Reform UK and working to make them the next party of government.”
He added: “And with Nigel Farage leading Reform, we’ve got someone the country can actually trust. He doesn’t change his views to fit the mood of the day. And people respect that. So do I. That’s why I believe he should be our next prime minister.”
A Labour Party spokesperson said: “Not content with taking advice from Liz Truss, Nigel Farage has now tempted her Tory Party chairman into his ranks.
“It’s clear Farage wants Liz Truss’s reckless economics, which crashed our economy and sent mortgages spiralling, to be Reform’s blueprint for Britain. It’s a recipe for disaster and working people would be left paying the price.”