The Fluctuating Price of Pepecoin (PEPE)
The price of Pepecoin (PEPE) has been experiencing fluctuations following an exploit on its community channels. Initially trading at $0.0000009045, the coin has recently seen a downward trend, with its current value at $0.0000008897, a decrease of 1.38% in the past 24 hours.
PEPE Social Channels Go on Lockdown
After the exploit, the PEPE ecosystem has been thrown into chaos, resulting in a lockdown of its social channels. The Telegram group for PEPE is currently locked down due to the hacking of the old Telegram account by bad actors. All official communications are now limited to the official X account until the situation is resolved.
Warnings of Scams and Vigilance
The PEPE team issued a statement on X, warning users of potential scams related to airdrops, staking, mints, claims, etc. They emphasized that Pepe is not involved with any new coins and will never message users first. Users are advised to be cautious, double-check all links and account usernames, and avoid connecting their wallet or signing anything without being careful.
Loss of 16 Trillion PEPE Tokens
The Pepecoin protocol was attacked, resulting in the loss of 16 trillion PEPE tokens valued at approximately $15 million. Investigation revealed that these tokens were transferred to several exchanges, including OKX, Binance, Kucoin, and Bybit. The required signer count for the memecoin’s multisig wallet was also reduced from 8 to 2 wallets. It is alleged that three former team members orchestrated the theft, leading the community to label it as an insider trading scam.
Pursuit of Justice
Jeremy “Pauly” Cahen, a PEPE promoter and crypto influencer, announced plans to work with law enforcement to bring the perpetrators to justice. He expressed his determination to hold the team accountable for their greed and crimes, which have caused harm to many individuals.
Hot Take
The exploit and subsequent loss of PEPE tokens have dealt a significant blow to the Pepecoin community. The lockdown of social channels and warnings of scams highlight the need for increased vigilance and caution in the crypto space. It is crucial for users to verify information and protect their wallets from potential threats. The pursuit of justice for the theft of PEPE tokens demonstrates the commitment to maintaining integrity and trust within the crypto community.
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