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- Pepe’s multisig wallet compromised; 16T tokens ($15M) liquidated.
- Internal discord within the team, leaving one member responsible.
On August 24th, 2023, the Pepe community, known for its memecoin, experienced a significant disturbance due to a series of transactions linked to the project’s multisig wallet. Approximately 16 trillion PEPE tokens, estimated to be worth around 15 million USD, were moved from the wallet to various cryptocurrency exchanges, including OKX, Binance, Kucoin, and Bybit. This unexpected action drastically lowered the required signer count to 2 out of 8 wallets, leaving the multisig with 10 trillion tokens and a single signer.
To clarify the situation for the community, an anonymous founding member stepped forward to share their insights. They indicated that the project had faced ongoing internal conflicts since its launch, marked by disputes among team members fueled by greed.
Simultaneously, the multisig wallet, designed to require approval from 3 out of 4 signers for transactions, became the focal point of the controversy. The founding member claimed that three former team members, who had previously distanced themselves from the project, suddenly reappeared. They allegedly gained unauthorized access to the multisig and made off with 16 trillion tokens—representing 60% of the total—before selling them on exchanges.
an announcement to the $PEPE community:
Yesterday on August 24th, 2023, a series of unexpected transactions took place from the $PEPE multisig CEX
Wallet in which ~16 Trillion $PEPE tokens (worth roughly $15m USD) were transferred to various crypto exchanges (OKX, Binance,… pic.twitter.com/iZmXV1TAvw— Pepe (@pepecoineth) August 26, 2023
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What Lies Ahead?
In light of the recent events, the remaining founding member expressed their astonishment and apologized to the community for the confusion caused. They assured the community that control over the official Pepe Twitter account and the remaining 10 trillion tokens were secure and safeguarded from the former team members.
Once all is set and complete, I would like PEPE to be left in a position where it can stand and thrive as strong as ever in a truly decentralized and anti-fragile state. Together, we are all PEPE.
said the anonymous founder.
Moreover, they revealed plans to transfer the remaining tokens to a new wallet while awaiting a conclusive resolution. They also proposed the possibility of burning tokens once pending acquisitions or donations are finalized.
Responses from the community varied, with some expressing hope regarding the announcement and anticipating a bullish trend, while others voiced skepticism and questioned the reliability of the information shared.
Following the announcement, PEPE experienced a slight increase of 1.16% within 24 hours. It recovered from a subsequent 16% decline attributed to the allegations, with the current price at $0.0000008971.
