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The recently trending memecoin Pepe (PEPE) experienced a decline of 13% in value on Thursday after the cryptocurrency community observed unusual modifications to the multi-signature wallet intended to support the token’s adoption.
- As highlighted by @Crypto_Noddy on X, the multisig wallet altered its threshold for token transfers from 5 of 8 to merely 2 of 8 wallet signatures – significantly lower than what is typically anticipated for safeguarding reserves of well-known coins.
- The multisig is designed to retain a segment of Pepe’s supply to facilitate liquidity for upcoming exchange listings, liquidity pools, and bridges.
- Onchain investigator ZachXBT corroborated the assertion, indicating that the wallet has now dispatched $15.6 million in PEPE tokens to a variety of exchanges including Binance, OKX, and Bybit. The remaining amount in the multisig accounts for 3.8% of the token’s supply ($10.4 million).
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“They held unlocked PEPE tokens in a multisig with unidentified signers, which means they could liquidate the tokens at any moment,” the analyst remarked.
- ZachXBT acknowledged that all wallet signers may have previously belonged to the same two individuals as now, but it is currently impossible to ascertain.
- Compromised keys were responsible for the $600 million Ronin Bridge hack last year, which remains the largest DeFi hack recorded.
- PEPE is currently priced at $0.0000009472, reflecting a decrease of 13.74% for the day, and 29.61% compared to last month.
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