Pepe ($PEPE) Community Rocked by Massive Internal Betrayal
On August 24, 2023, approximately 16 trillion $PEPE tokens, valued at around $15 million USD, were stolen and transferred to various cryptocurrency exchanges. The internal strife within the $PEPE community led to this unfortunate incident.
Key Points:
- Unauthorized transactions were initiated from the $PEPE multisig CEX Wallet, resulting in the transfer of 16 trillion $PEPE tokens to multiple crypto exchanges.
- A faction within the team, driven by “big egos and greed,” was responsible for the unauthorized transactions.
- The remaining 10 trillion tokens in the multi-sig wallet are secure and under responsible control.
- Discussions have been initiated with prominent community members to guide the project forward.
- The remaining multi-sig tokens will be burned once acquisitions or donations are complete.
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The $PEPE token has experienced a significant decline in value, with an 89% drop in the past 24 hours and a 20.27% decrease over the past week.
Despite this setback, the $PEPE community is taking steps to address the situation and move forward with the project. The remaining tokens will be safeguarded, and discussions with community members will shape the future direction of $PEPE.
Hot Take: The internal betrayal within the $PEPE community has had a significant impact on the token’s value and shaken the trust of its holders. It remains to be seen whether the community can recover from this incident and rebuild confidence in the project.
