On August 24, the cryptocurrency community was taken aback when Pepecoin (PEPE) prices nosedived by 15%. The sudden drop was triggered by concerns of an alleged “rug-pull.” This anxiety was birthed from the alarming discovery that $16 million worth of PEPE was transferred from the official Pepecoin multisig wallet to various exchanges.
The Inside Scoop: What Happened with Pepecoin?
Addressing the chaos on August 25, a founding member of Pepecoin unveiled the truth through a public announcement on Twitter via the @pepecoineth handle. The revelation was surprising and concerning: three former team members allegedly orchestrated the heist.
The multisig‘s design initially mandated the presence of 3 out of 4 signatories for transaction approval. However, these three ex-members covertly accessed the wallet. They brazenly transferred a whopping 16 trillion PEPE tokens, constituting 60% of the total 26 trillion, to multiple exchanges for sale.
Further distancing themselves from the act, these individuals eliminated their digital footprints by deleting social profiles and removing themselves from the multisig.
“The multisig has been updated; you are now in full control,” was their final message, left for the lone team member.
Next Steps for PEPE: A Promise of Security and Integrity
Despite the setbacks, the founding member assured the community of the security of the remaining 10 trillion PEPE. These funds are slated for transfer to a new, secure wallet. Here, they’ll remain untouched, awaiting a clear directive for utilization or burning.
Historical interactions with these rogue members have been tumultuous since Pepecoin’s initiation in April. Their departure, many believe, could pave the way for the project’s true potential.
Determined to make amends, the last standing team member pledged unwavering commitment to Pepecoin‘s future. They remarked, “$PEPE has, regrettably, faced internal challenges since its inception. A significant chunk of this friction was due to some team members’ overbearing egos and unchecked greed.”
With newfound optimism, the member stated, “With these impediments gone, I envision a brighter trajectory for PEPE. One where community interests reign supreme, and no hindrances prevent the project’s growth.”
The disclosure elicited varied responses. While some rallied behind Pepecoin and its vision, others voiced skepticism, questioning the authenticity of the narrative presented.
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