{"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by roughly 15% amid fears of a potential rug-pull after the community spotted that $16 million worth of PEPE was withdrawn from the Pepe multisig wallet and sent to several exchanges.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