PEPE Comes Clean on $15 Million Theft

A series of transactions unfolded recently, leading to the transfer of around 16 trillion PEPE tokens worth $15 million from the PEPE multisig CEX wallet to various exchanges. This action was executed by three former team members. Notably, adjustments were made to the signature requirements, leaving the multi-sig in a weakened state with a remaining balance of 10 trillion PEPE tokens and a lone signer.

A Pepe Coin developer felt it was crucial to provide full transparency to the dedicated PEPE community, offering insights into this breach of trust. In one of his recent tweets from the official Pepe Coin Twitter account, he/she shared a few thoughts on what had happened.

The developer mentioned that throughout the journey of PEPE, the project encountered challenges arising from individuals motivated by self-interest. However, this incident serves as a pivotal moment for the community. It’s worth noting that a considerable segment of the original team had distanced themselves earlier, causing disruptions and prolonged periods of inactivity.

Recent PEPE event stunned the community

The actions undertaken by the former members involved the unauthorized transfer of 60% of the 26 trillion multi-sig tokens. These tokens were subsequently moved to exchanges for sale. Following this, the former members deleted their accounts and left a message asserting control.

The developer expressed astonishment and extended apologies for the unsettling nature of these developments. Importantly, the developer mentioned that the team never intended to sell the coins for personal profit.

The developer reassured the community that both the Twitter account and the remaining multi-sig tokens are secure from any interference by the former members.

Based on available information, it was observed that most of the stolen tokens were promptly sold on exchanges. To ensure the safety of the remaining 10 trillion PEPE, they will be transferred to a new wallet. Plans are being formulated to determine their future use or appropriate disposal.

Additionally, the developer is exploring the acquisition of PEPE domains and usernames and intends to burn any surplus multi-sig tokens through purchases or donations.