A founding member of PEPE’s development team blames co-developers for token dumping
A member of PEPE’s development team has released a statement attributing the recent price crash of the meme coin to co-developers dumping tokens held in a team multi-signature wallet. The wallet, which previously held 6.9% of the total supply of PEPE, transferred around 16 trillion tokens to crypto exchanges. Furthermore, team members changed the threshold for the number of signatures needed to control the wallet, exacerbating the situation. The statement reveals that three founding members have exited the project and taken more than half of the team-held coins with them. The remaining tokens have been transferred to a new address, and the team plans to burn the remaining tokens while negotiating to acquire certain web domains and usernames.
Key Points:
- Co-developers of PEPE dumped tokens from a team wallet, leading to a price crash.
- Three founding members have exited the project, taking more than half of the team-held coins.
- The remaining tokens have been transferred to a new address.
- The team plans to burn the remaining tokens and negotiate for certain web domains and usernames.
- The official PEPE Telegram channel ownership remains disputed.
Hot Take:
The recent incident involving PEPE’s development team highlights the challenges faced by cryptocurrency projects in maintaining trust and integrity. The actions of rogue team members have negatively impacted the price and reputation of PEPE. However, the remaining team members are taking steps to regain control and restore confidence. It serves as a reminder for investors to thoroughly research and evaluate the teams behind cryptocurrency projects to assess their commitment and professionalism.
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