Pepe Coin Team Gives Clarification Of The 16 Trillion Pepe Tokens Theft
In a shocking development, the PEPE community was rocked by a series of unexpected transactions on August 24, 2023. The incident involved the theft of around 16 Trillion $PEPE tokens, valued at approximately $15 million, from the project’s multisig CEX wallet. These tokens were subsequently transferred to prominent cryptocurrency exchanges including OKX, Binance, Kucoin, and Bybit. The required signer count for the multisig wallet was also reduced to just 2 out of the original 8 wallets.
Pepe Coin Team Gives Clarification For Transparency
The unexpected transfer of tokens and reduction in signer count has thrown the PEPE community into disarray. The official PEPE Twitter account, in a bid to provide transparency, revealed that the stolen tokens were once part of the CEX wallet. This wallet was never intended for market sales or personal profit by the team, the team clarified.
The episode reveals the internal tension that PEPE has had from its inception, characterized by disagreements and team member conflicts. Within the first week of the project’s introduction, a chunk of the team, including team members with large egos and avarice, had separated themselves from it. They slowed down the process by refusing to sign, arguing, and going unresponsive for protracted periods.
The crisis reached a peak as three former team members resurfaced to orchestrate the theft of 16 Trillion tokens, constituting 60% of the multisig’s total holdings. These ex-members executed the transfers without authorization, subsequently erasing all traces of their involvement with the project. The remaining 10 Trillion tokens are now under the control of a team member committed to the project’s well-being and prosperity.
The aftermath of the incident saw the rapid sale of most if not all, stolen tokens on OKX and Binance exchanges, the team informed. To prevent further misuse, the remaining 10 Trillion tokens will be transferred to a new wallet. The affected member is also working towards acquiring web domains and usernames for PEPE and intends to burn the remainder of the tokens when these acquisitions are complete.
Pepe Coin Is Bullish Despite The Setback
Despite this unfortunate news and confusion, the Pepe coin price is quite bullish today. The price is up almost 7% in the last 24 hours and is now trading at $0.0000009045. Its market cap is also up by 3.40% and now stands at $354.98 million.
In light of the crisis, the official PEPE Telegram group remains locked down due to hacking. The primary communication channel is now the @pepecoineth Twitter account, with new official group links to be shared there. Meanwhile, the community is cautioned against falling for scams related to airdrops, staking, mints, or claims, as the official PEPE team does not engage in such practices.
Despite the setback, the remaining PEPE community members are resolved to steer the project toward a decentralized and anti-fragile future. The incident has highlighted the necessity for caution among the cryptocurrency community and connections before acting in any way affecting wallets and tokens.
Also Read: Hashdex Files Unique Spot Bitcoin ETF Application With US SEC
- Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force
- 99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction
- Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement
- ‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications
- Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
