this post was submitted on 20 Oct 2023
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SNOOcalypse - document, discuss, and promote the downfall of Reddit.

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Reddit mods dumped tokens hours before blockchain program termination (cointelegraph.com)
submitted 11 months ago by lvxferre@lemmy.ml to c/snoocalypse@lemmy.ml
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Summary: Reddit warns mods that it's ending its crypto program, before it warns the other users. What could go wrong? /s

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[–] SatanicNotMessianic@lemmy.ml 1 points 11 months ago

Insider trading consists of using non-public information to profit on a trade.

Now since shitcoins are not a regulated security, I don’t know if they fall under insider trading laws. They may, however, fall under fraud and conspiracy to commit fraud laws. If they knowingly defrauded people into paying for what they were conspiring to make a worthless asset, or sold that asset under conditions they knew to be false, I could see them being charged.