Crypto’s Biggest Memecoin in the 2023 Bear Market Gets Rugged
– On-chain sleuths on Twitter discovered that 16 trillion PEPE tokens worth $16 million were sold on centralized exchanges like Binance, Bybit, KuCoin, and OKX.
– PepeCoin’s market capitalization dropped 26% to $315.72 million before partially recovering to $342 million.
– The anonymous rogue team members sold the tokens and then removed themselves from the multi-sig wallet, leaving the founder in control.
– Approximately 60% of all PEPE tokens were sold by the rogue team members, while the remaining 10 trillion tokens are claimed to be in safe hands.
– The anonymous founder plans to continue the project and decentralize it by burning all remaining tokens.
Hot Take: Crypto Project PEPE Faces Major Setback
The popular memecoin PEPE has been hit hard by rogue team members who sold a significant portion of the tokens, causing a drop in market capitalization. The remaining founder claims to be in control and promises to move the project forward by fully decentralizing it. While the setback is significant, the founder remains optimistic about the future of PEPE. This incident once again highlights the risks associated with crypto projects and the vulnerabilities of multi-signature wallets. It serves as a reminder that despite advancements in security measures, caution is still necessary in the crypto space.
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