The circumstances surrounding the withdrawal of $16 million from the Pepecoin (PEPE) project's multisig wallet have seemingly been exposed, with three former team members being accused of going rogue.
Withdrawal Sparks Fear of Potential Rug-Pull
On August 24, the price of PEPE dropped by approximately 15% after the community discovered that $16 million worth of PEPE had been withdrawn from the Pepe multisig wallet and sent to various exchanges. Concerns arose about a possible rug-pull.
Members Point Fingers at Ex-Team Members
The founding member of the Pepecoin project claimed that three ex-team members secretly logged onto the multisig wallet without authorization and stole 16 trillion PEPE tokens, which accounted for 60% of the total. These tokens were then sent to exchanges for sale. The remaining 10 trillion PEPE tokens in the multisig wallet, however, remained secure.
Difficult Ex-Team Members Hindered Progress
The founding member also alleged that these former members had been challenging to work with since the launch of Pepecoin in April. They claimed that the ex-team members had impeded the project's progress towards its targets.
Commitment to the Community
Despite the unfortunate incident, the remaining member of the team assured the community that they would prioritize the interests of the PEPE community moving forward. They expressed their desire to operate with the community's best intentions in mind and without any hindrances caused by negligent team members or a locked multisig situation.
Mixed Reactions from the Community
The community expressed a mix of support and doubt in the comments section. Some individuals were optimistic about the future of PEPE following the removal of the alleged bad actors, while others questioned the truth of the claims made.
Price Increase Amidst Controversy
As of the time of writing, the price of PEPE has risen by 5.7% over the past 24 hours, reaching $0.000000895278. CoinGecko data indicates that the current market cap of PEPE stands at $382.7 million.
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