On-chain analysts such as Pledditor were the first to draw attention to the actions of subreddit moderator u/Mcgillby. On-chain data reveals that this moderator transferred more than 100,000 MOON over two different transactions on the Arbitrum Nova blockchain, turning it into more than $23,000 in Ether. The user subsequently deleted all earlier Reddit posts.

In another incident, just 17 minutes before Reddit’s statement, moderator u/Rider_of_the_storm allegedly shifted 345,422 MOON, worth over $69,000 at the time, to an exchange address. The Reddit account in question has since been deactivated. According to Lookonchain, on-chain data showed that at least three of the administrators overseeing the cryptocurrency subreddit liquidated tokens some 20 to 30 minutes before the announcement went public.