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WallStreetBets goes dark

WallStreetBets goes dark

After a wild day for public markets pushed by Reddit merchants commandeering shares and combatting hedge fund quick sellers, the neighborhood at r/wallstreetbets not has a house on Discord and the subreddit has been locked down as an invite-only subreddit.

Discord introduced this afternoon that they’d banned the WallStreetBets Discord server following “hate speech” violations after “repeated warnings.”

On Reddit’s finish it’s now fairly so clear what has occurred, it doesn’t seem as if Reddit took direct motion in opposition to the positioning, however as a substitute that moderators had been overwhelmed by the inflow of latest customers and have taken the subreddit down themselves. The website notes that solely moderators and “accepted customers” are at present allowed locally. We’ve reached out to Reddit for additional clarification.

In a press release given to TechCrunch earlier right this moment earlier than the WallStreetBets subreddit went non-public, an organization spokesperson says, “Reddit’s site-wide insurance policies prohibit posting unlawful content material or soliciting or facilitating unlawful transactions. We will overview and cooperate with legitimate legislation enforcement investigations or actions as wanted.”

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The full assertion from a Discord spokesperson to TechCrunch:

The WallStreetBets server has been on our Trust & Safety group’s radar for a while as a consequence of occasional content material that violates our Community Guidelines, together with hate speech, glorifying violence, and spreading misinformation. Over the previous few months, we’ve got issued a number of warnings to the server admin.

Today, we determined to take away the server and its proprietor from Discord for persevering with to permit hateful and discriminatory content material after repeated warnings.

To be clear, we didn’t ban this server as a consequence of monetary fraud associated to GameStop or different shares. Discord welcomes a broad number of private finance discussions, from funding golf equipment and day merchants to school college students {and professional} monetary advisors. We are monitoring this example and within the occasion there are allegations of unlawful actions, we’ll cooperate with authorities as acceptable.

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