Unprecedented transactions out of a multisig wallet spooked Pepecoin watchers last week.
Some rogue developers on the Pepecoin team were behind last week’s unprecedented transfers out of the token’s multisig wallet and effectively stole millions worth of pepe coin , a team member claimed on X, formerly Twitter.
Last week, over 16 trillion Pepe tokens were illicitly transferred to crypto exchanges OKX, Binance, Kucoin and Bybit before being sold – contributing to a nearly 20% slide in the frog-themed tokens, the team member said. But whoever is in control of the project now has been apologetic on X posts, stating they plan to grow, and eventually fully decentralize, the project in the months ahead.
Pepe was one of 2023’s biggest success stories amid a generally bearish market, zooming to a The tokens since ran to a peak market capitalization of $1.8 billion in mid-May, seeing trading volumes surpass those of dogecoin and shiba inu – which are otherwise the biggest meme coins by trading volume.However, analysts have repeatedly rang the alarm bells around the early activity of pepecoin traders as well as the absence of retail traders.
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