21 April, 2024

Pepe Coin Team Addresses 16 Trillion Token Theft with Clarification

26 Aug, 2023

10 Apr, 2024

  • The meme-inspired PEPE token faces turmoil as unusual transactions and internal conflicts emerge, casting a spotlight on its intricate dynamics.
  • Approximately 16 trillion PEPE tokens worth $15 million were unexpectedly sold from the project’s core team wallet, landing on major crypto exchanges.
  • The PEPE spokesperson regrets the team’s actions, aiming to eliminate negativity.

In an unexpected turn of events, the PEPE (PEPE) token, known for its meme-inspired origins, finds itself amid controversy. The official Twitter page for PEPE posted a startling announcement earlier today, revealing a series of unusual transactions involving the project’s core team wallet over the past 48 hours. This peculiar activity has raised eyebrows and stirred internal conflicts within the team, shedding light on the project’s complex dynamics.

At the core of this situation lies a substantial offloading of around 16 trillion PEPE tokens, with an estimated value of about $15 million, originating from the project’s multisig wallet. These tokens navigated their route onto well-known cryptocurrency exchanges such as OKX, Binance, Kucoin, and Bybit. Remarkably, what adds intrigue is the adjustment made to wallet authorization prerequisites, reducing the number of signers from eight to merely two throughout this sequence of events.

In a candid message directed at the PEPE community, a project spokesperson stepped up to elucidate the situation’s intricacies. Internal strife, a long-standing impediment to PEPE’s advancement, played a pivotal role in the recent large-scale selloff. The spokesperson acknowledged the unfortunate repercussions of internal conflicts driven by disparate motivations and egos within the core team.

Remarkably, this unsettling incident might inadvertently mark a turning point for the project. While the tumultuous events have tested the community’s resilience, they have also presented an opportunity for a fresh start, purging the project of its negative undercurrents. The announcement conveyed genuine remorse for any distress caused by the actions of a select few within the team.

Unveiling an essential aspect of the controversy, the announcement clarified that the tokens were never intended for personal gain. Instead, they were earmarked for donations and potential token burns, initiatives that couldn’t materialize due to internal disarray.

The crisis stems from the multisig wallet’s authorization protocol, demanding the approval of three out of four signers. Former team members who had distanced themselves from the project returned unexpectedly, exploiting this vulnerability to abscond with a substantial token portion, dumping them on exchanges before exiting.

Amid the shockwaves, a steadfast commitment to the PEPE community shines through. The person now at the helm of PEPE reaffirms dedication to safeguarding the remaining tokens and steering the project toward a brighter horizon. Collaborative discussions with key community figures have been initiated to chart a course of redemption.


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