Rogue Pepecoin team members blamed for $16M PEPE multsig withdrawal
Three former members of the PEPE project allegedly stole $16 million worth of PEPE tokens from the multisig wallet and handed over control to the sole remaining member.
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Posted 8/26/2023, 5:34:00 AM
cointelegraph.com
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Millions of dollars worth of the PEPE meme coin were transferred out of its multisig wallet, causing concern among investors and leading to a drop in its price, due to changes in transaction approval and a reduction in the number of wallets required for sign off.
Pepe (PEPE), a popular meme coin, is facing allegations of suspicious movements in contract addresses and a potential rug pull, causing panic among community members and a significant decline in price.
A whale investor bought 640 billion PEPE tokens, worth $529,000, at a reduced price due to concerns about developer manipulation and modifications to a multisig wallet, causing a 15% drop in the value of the meme coin.
PepeCoin (PEPE) experienced a significant drop in value after millions of dollars worth of the token were transferred from the team's wallet to exchanges, raising concerns and triggering panic selling among investors.
The founder of Pepe blames three former team members for a $16 million token withdrawal from the project's wallet, and vows to burn the remaining tokens after necessary expenses or donations.
Crypto's biggest memecoin, PEPE, experienced a major setback when 16 trillion tokens worth $16 million were sold by rogue team members, causing a 26% drop in market capitalization, but the remaining founder vows to continue and decentralize the project.
Some rogue developers on the Pepecoin team stole millions worth of Pepe coin (PEPE) by transferring tokens out of the project's multisig wallet, leading to a significant drop in the token's value, according to a team member. The project is now under new control, with plans to grow and decentralize in the future. However, analysts have raised concerns about the concentration of tokens in a few hands, posing risks for investors.
The team behind Pepe (PEPE) has issued a statement regarding a large transfer of coins, revealing that all founding members except one have sold their stake and abandoned the project, leading to a heavy price correction and the tokens being sold on crypto exchanges.
Pepe (PEPE) coin faces a scandal and reputation loss after 16 trillion coins worth $16 million were stolen, while Dogecoin (DOGE) shows signs of a bullish run, and whales are investing in Pomerdoge (POMD) due to its growth potential and locked liquidity.