Reddit user /u/mohland, creator of Dogecointipbot, announced on the r/dogecoin subreddit Monday that he had been scamming users since at least 2015 by diverting funds deposited into into /u/dogetipbot into his own ventures and would be shutting the service down. He was quick to reassure that at least their Sorry For Your Loss wasn't due to a hack and that he was going to publish the dogecointip bot code, sure to inspire the next generation of reddit scammers, and which is ultra-secure because it "never had an external hot wallet breach in the 3.5 years we've been running". Hacks that occurred on individual reddit accounts drained the tipbot hot wallet forcing /u/mohland to admit he could no longer keep the flaming tire burning in this particular shitpit any longer. Users of the service were reporting losses in the tens of dollars.

Mohland has been forced to declare Chapter 7 bankruptcy, finally fulfilling the prophecy in Trilema where it was stated that anyone "investing" in the scheme would be dancing in the streets for nickels. The announcement closed by stating that he does not "personally hold no cryptocurrencies nor do I have any desire to in the future". Reddit users have grabbed pitchforks and threatened litigation, though in typical fashion most users will likely forget about it all by next week when the next ponzicoin grabs their attention. Sorry for your loss.