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Former Pepecoin (PEPE) promoter turned cryptocurrency influencer Jeremy “Pauly” Cahen has made allegations of insider trading against the Pepecoin team following the reported theft of approximately 16 trillion PEPE tokens. Pauly is now revealing the identities of team members and their wallet activities. On-chain analysts have also highlighted significant Pepecoin transactions involving insiders.
In an update on Aug. 26, Pauly stated that the Pepecoin team holds around $16–17 million in PEPE tokens spread across nine wallets. Unexpectedly, the insiders have not sold their holdings. Instead, they have strategically liquidated PEPE from a centralized exchange (CEX) wallet, creating a considerable short position.
“I’ll likely be collaborating with various law enforcement agencies to ensure that @degenharambe & the rest of his associates on the @pepecoineth team are brought to justice promptly. Their greed & actions have inflicted unnecessary harm on many.”
He has also disclosed personal details about several members of the Pepecoin team and outlined their transaction activities. According to Pauly, the Pepecoin team is taking advantage of the community, and he claims that their explanations regarding multisig wallets and PEPE holdings are completely untrue.
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The list of insiders in this post have begun selling $PEPE 50 minutes ago.
400 billion $PEPE have already been sold primarily from this address:
0x22f6215b40434D9135B06f1C676fd9291936Aac3
You can track their activity here: https://t.co/BYMz8cfrFE https://t.co/k0KCpeHTyR— Yazan (@YazanXBT) August 26, 2023
On-chain analyst Yazan has reported that insider selling of PEPE holdings has started, with around 400 billion PEPE already sold, coinciding with Pauly’s revelation of Pepecoin team members. In response, Yazan has urged cryptocurrency exchanges like Binance and OKX to take action to prevent transactions from insiders.
Related: PEPE whale seizes dip opportunity, buys $529K worth of tokens
Pepecoin’s price has experienced a downturn, dropping by 15% due to selloffs executed by the team. Despite a brief 10% increase, the PEPE price was unable to sustain its momentum and has seen a decline, contributing to the existing negative sentiment within the community.
According to CoinMarketCap, the PEPE price is currently at $0.00000090, reflecting a 7% decrease over the past 24 hours.
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