{"id":180553,"date":"2023-08-26T07:39:29","date_gmt":"2023-08-26T07:39:29","guid":{"rendered":"https:\/\/precoinnews.com\/?p=180553"},"modified":"2023-08-26T07:39:29","modified_gmt":"2023-08-26T07:39:29","slug":"rogue-pepecoin-team-members-blamed-for-16m-pepe-multsig-withdrawal","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/rogue-pepecoin-team-members-blamed-for-16m-pepe-multsig-withdrawal\/","title":{"rendered":"Rogue Pepecoin team members blamed for $16M PEPE multsig withdrawal"},"content":{"rendered":"

The circumstances behind the mysterious $16 million withdrawal from the Pepecoin (PEPE) project\u2019s multisig wallet have seemingly been revealed, with the finger being pointed at three ex-team members who went rogue. <\/p>\n

On Aug. 24, the price of PEPE plunged by roughly 15% amid fears of a potential rug-pull after the community spotted that $16 million worth of PEPE was withdrawn from the Pepe multisig wallet and sent to several exchanges. <\/p>\n

Clearing up the matter in an Aug. 25 post on X (Twitter), one of the anonymous founding members behind Pepecoin provided a community announcement from the @pepecoineth account, detailing what they claim had happened. <\/p>\n

According to the statement, three team members abruptly stole the funds from the multisig and then abandoned the project completely, leaving it in full control to the sole remaining member. <\/p>\n

\u201cThe multi-sig was set up to require 3\/4 signers present for an approval. Yesterday these 3 ex-team members came back behind my back, logged onto the multi-sig, stole 16 Trillion\/ 60% of the 26 trillion multi-sig tokens, and sent them to exchanges to sell.\u201d<\/p><\/blockquote>\n

\u201cThey then removed themselves from the multisig in an attempt to absolve any association to $PEPE, deleting all of their social accounts and leaving me behind nothing but a message stating \u2018the multisig has been updated, you are now in full control,\u2019\u201d they added. <\/p>\n

The founding member claimed that the X account and the remaining 10 trillion PEPE in the multsig are now in safe hands, with the funds set to be transferred to a new wallet where \u201cthey will safely rest until a use or burn arises.\u201d<\/p>\n

It was also asserted that these former members were difficult to work with since Pepecoin launched in April, and had held the project back from progress on its various targets. <\/p>\n

Related: <\/strong><\/em>PEPE whale seizes dip opportunity, buys $529K worth of tokens<\/em><\/strong><\/p>\n

Moving forward, the remaining member claimed they will do what\u2019s right for the PEPE community now that the bad actors have gone. <\/p>\n

\u201cSince its inception, $PEPE has unfortunately been plagued by inner strife with a portion of the team being bad actors led by big egos and greed,\u201d they said, adding that: <\/p>\n

\u201cAs I process what has happened, I look forward to a future for $PEPE where I will be able to operate with the community and tokens\u2019 best intention in mind and no negligent team members and locked multisig situation blocking me from doing what is best.\u201d<\/p><\/blockquote>\n

The reaction was mixed in the comments, with some in support or bullish on the announcement, while others were questioning the truth of these claims. <\/p>\n

<\/p>\n

At the time of writing, the price of PEPE has increased by 5.7% over the past 24 hours to sit at $$0.000000895278, with a current market cap of $382.7 million according to data from CoinGecko. <\/p>\n

Magazine: <\/em><\/strong>What do crypto exchanges really do with your money?<\/em><\/strong><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The circumstances behind the mysterious $16 million<\/p>\n","protected":false},"author":3,"featured_media":180552,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nRogue Pepecoin team members blamed for $16M PEPE multsig withdrawal - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/rogue-pepecoin-team-members-blamed-for-16m-pepe-multsig-withdrawal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rogue Pepecoin team members blamed for $16M PEPE multsig withdrawal - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"The circumstances behind the mysterious $16 million\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/rogue-pepecoin-team-members-blamed-for-16m-pepe-multsig-withdrawal\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-26T07:39:29+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/08\/Rogue-Pepecoin-team-members-blamed-for-16M-PEPE-multsig-withdrawal-.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/rogue-pepecoin-team-members-blamed-for-16m-pepe-multsig-withdrawal\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/rogue-pepecoin-team-members-blamed-for-16m-pepe-multsig-withdrawal\/\",\"name\":\"Rogue Pepecoin team members blamed for $16M PEPE multsig withdrawal - 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