The team has confirmed PEPE’s return through a statement on recent events. Malicious members indeed withdrew 16 trillion PEPE tokens to resell them on CEX. They have thus hindered the development of the project from the beginning. Nevertheless, the team reassured the community that the remaining PEPEs are now in good hands.
Theft of $16 million from PEPE
A statement to the PEPE memecoin community said three former members stole funds from the project. They then handed over its control to the sole remaining member. They withdrew 16 trillion PEPE or $16 million from the crypto project’s multisig wallet Pepecoin. This caused the token’s price to plunge as much as 20% on August 24.
The multisig was set up to require the presence of three quarters of signatories for approval. These ex-members logged on quietly to steal PEPE’s 16 trillion, or 60% of the multisig’s 26 trillion tokens. They sent them to various exchanges like Binance, ByBit and Kucoin to sell them. They then attempted to absolve any association with PEPE by deleting all of their social accounts, the team explains.
The remaining tokens are safe
The founding member spoke on his account X, ex-Twitter, stating that the remaining 10 trillion PEPE crypto in the multisig is in good hands. These funds should be transferred to a new wallet where they will be kept safe until they are used or burned. Indeed, the founder indicated that he could use these crypto funds to buy a domain or a username from PEPE. He then plans to burn the rest.
The PEPE team said that the project has unfortunately been plagued by internal conflicts since its inception. Indeed, the team is made up of bad actors led by greedy people, she said. At the time of writing, the value of the PEPE cryptocurrency has increased by 5.7% in the last 24 hours with a market capitalization of $382.7 million.
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