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PEPE is Losing: Betrayal within the PEPE Team Leads to Major Problems

  • As an unexpected development, the PEPE community was shaken and frightened by a series of unexpected operations on August 24, 2023.
  • The crisis reached its peak when three former team members reappeared to organize the theft of 16 trillion tokens, which constitute 60% of the total assets of multisig.
  • Following the incident, it was reported that a significant portion of the stolen tokens were quickly sold on OKX and Binance exchanges. To prevent further misuse, the remaining 10 trillion tokens are planned to be transferred to a new wallet.

You never know who is a friend or an enemy. Sometimes the hand you hold is the one that stabs you in the back… What is happening in the PEPE community? The crisis is growing!

The Events Shaking the PEPE Community Are Growing

pepe memecoin

As an unexpected development, the PEPE community was shaken and frightened by a series of unexpected operations on August 24, 2023. The incident was related to the theft of approximately 16 trillion PEPE tokens – worth about 15 million dollars – from the project’s multisig CEX wallet. These tokens were later transferred to leading crypto exchanges such as OKX, Binance, Kucoin, and Bybit. The number of signatories required for the multisig wallet was reduced to only 2 out of the original 8 wallets.

The unexpected token transfer and reduction in the number of signatories led to disorder within the PEPE community. The official PEPE Twitter account stated that the stolen tokens were once part of the CEX wallet to provide transparency. The team clarified that this wallet was never intended for the team’s market sales or personal profit.

This section reveals the internal tension within PEPE since its inception, characterized by conflicts and disputes among team members. In the first week of the project’s introduction, a group, including team members with big egos and greed, separated themselves from the project. They slowed down the process by refusing to sign, arguing, and delaying responses.

The crisis reached its peak when three former team members reappeared to organize the theft of 16 trillion tokens, which constitute 60% of the total assets of multisig. These former members conducted transfers without authorization and then erased all traces of their involvement in the project. The remaining 10 trillion tokens are under the control of a team member dependent on the project’s well-being and success.

Following the incident, it was reported that a significant portion of these stolen tokens were quickly sold on OKX and Binance exchanges. To prevent further misuse, the remaining 10 trillion tokens are planned to be transferred to a new wallet. The affected member is also attempting to acquire PEPE and related web domains and intends to burn the remaining tokens once these acquisitions are completed.

Pepe Coin Rises Despite the Decline

Despite this unfortunate news and confusion, the price of Pepe coin is positive today. The price has increased by almost 0.15% in the last 24 hours and is currently trading at $0.0000008978. The market value has also increased by 3.40% to $354.98 million.

In the context of this crisis, the official PEPE Telegram group is currently locked as it was hacked. The main communication channel is now the @pepecoineth Twitter account, and new official group links will be shared there. Meanwhile, community members are advised to be cautious of scams related to airdrops, staking, token creation, or claims, as the official PEPE team does not participate in such applications.

Despite the betrayal, the remaining PEPE community members aim to decentralize the project and lead it towards a resilient future. This event has highlighted the necessity of being cautious before making any moves that affect wallets and tokens within the crypto community.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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