r/WallStreetBets is back on chat app Discord after getting banned Wednesday for hate speech, a win for the Reddit community thrust into the spotlight this week for driving the GameStop frenzy roiling the market.
According to the Verge, Discord staff is actively helping r/WallStreetBets moderate its new server, with one Discord employee dedicated to addressing infrastructure issues they are experiencing due to skyrocketing growth.
A Discord spokesperson told the Verge that, “WallStreetBets members have set up a new server and we are working with them.”
With an influx of new members, the first server was banned Wednesday for “hate speech, glorifying violence, and spreading misinformation” after “multiple warnings” over the past few months.
The moderators of the Reddit community were disappointed in Discord’s original ban Wednesday, saying “I am not impressed with them destroying our community instead of stepping in with the wrench we may have needed to fix things, especially after we got over 1,000 server boosts. That is pretty unethical,” they said.
Discord did not immediately respond to a request for comment from Forbes.
“We will welcome the group back so long as they improve their moderation practices and follow our Community Guidelines. We have reached out to the moderators to provide them with support and advice, like we do for many of our large communities,” the Discord spokesperson said.
r/WallStreetBets has been the driving force pushing GameStop, AMC and other stocks up this week, resulting in massive losses for hedge funds that shorted them. But the rally hit a snag Thursday when Robinhood halted trading of GameStop, AMC and other heavily shorted stocks such as BlackBerry and Bed Bath & Beyond. The move triggered immediate backlash, multiple class action lawsuits and rare bipartisan condemnation from lawmakers who say the move squeezes out regular investors and protects Wall Street interests.