Reddit’s blockchain-based Community Points are going away

Illustration by Alex Castro / The Verge

Reddit is sunsetting its blockchain-based Community Points product, the company announced on Tuesday. A Reddit admin (employee) shared the announcement about Community Points, which uses the Ethereum blockchain, on a few subreddits, including r/CryptoCurrency (which had its own “moons” crypto token), r/FortniteBR (which had its own “bricks” token), and r/EthTrader (which had its own “donuts” token).

The value of those tokens has, predictably, fallen off of a cliff, as CoinDesk reports drops of between 60 and 90 percent. Some Reddit posters claim thousands of dollars in value disappeared from their wallets immediately, while others are pointing at transactions made just prior to Tuesday’s announcement that they think are suspicious.

C…

Continue reading…

Read more