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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.
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