At the time of the announcement, the moderators of most of the subreddits involved with the community points program claimed to be unaware of the decision.
    • Number1SummerJam@lemmy.worldOPEnglish
      0·
      9 months ago

      Reddit introduced a crypto as a way to monetize Reddit gold so users would get paid for posting. They abruptly cancelled the program after people had already bought into it but it looks like some insiders at Reddit got the news first- they sold their shares before they announced the cancellation. Basically Reddit committed investment fraud.

      • macarthur_park@lemmy.world
        0·
        9 months ago

        I’m not sure this is correct.

        The community tokens crypto has been around since 2020. I think that’s separate from the new gold monetization scheme.

        • Teppic@fedia.io
          1·
          9 months ago

          I don’t really use Reddit anymore, but my understanding was some subreddits had crypto coins, but Reddit withdrew gold and formally started supporting these crypto tokens instead after the API exodus had happened.