Key Points:
– On Thursday, millions of dollars worth of the PEPE meme coin flooded crypto exchanges, causing investors to panic and driving down its price.
– The project’s multisig, which holds a significant amount of the joke cryptocurrency, saw over 16 trillion tokens flow out to addresses associated with Binance, OXK, and Bybit.
– On-chain sleuths noticed concerning changes to the oversight of the multisig wallet’s transaction approvals. It went from requiring five out of eight wallets to approve transactions to only two out of eight.
– This was the first time the project’s multisig had ever sent out the meme coin, leading to a 12% decrease in PEPE’s value.
– The incident highlights the importance of monitoring transaction approvals and the potential risks associated with changes to oversight protocols.
Hot Take:
The sudden flood of the PEPE meme coin and the troubling changes to the oversight of its multisig wallet raise red flags for investors. It serves as a reminder of the need for careful monitoring of transaction approvals and the potential impact it can have on the value of a cryptocurrency. This incident also highlights the importance of maintaining transparent and secure protocols to protect the assets held in such wallets.
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