Theft of Pepe Tokens
The remaining team member behind the Pepe memecoin has revealed that three former colleagues stole approximately 16 trillion Pepe tokens ($15 million) from the project’s multisig. These tokens were then sold on various crypto exchanges, and the thieves deleted their social accounts. The multisig controller also mentioned that the multisig signature count was reduced from 5/8 to 2/8.
Pepe’s Rise and Fall
Pepe gained popularity in the memecoin world after its launch in April, reaching a peak market cap of $1.5 billion in May. However, the value of the token quickly dropped, causing losses for the top 15 Pepe whales who were sitting on paper profits worth over $90 million. The stolen tokens represent around 4% of the token supply, while the remaining multisig holds approximately 10 trillion tokens.
The Motivation Behind the Theft
The remaining signer and spokesperson of the Pepe project stated that the theft was carried out by individuals motivated by “big egos and greed.” These bad actors had hindered progress on using the multisig funds for donations or purchases. The ex-team members logged into the multisig without permission, stole the tokens, and then removed themselves from the multisig.
Apology and Future Plans
The remaining signer apologized for the fear and potential losses faced by the community due to the theft. They assured the community that the remaining multisig tokens would be transferred to a new wallet and would be used or burned in the future. The goal is to make the project more decentralized and anti-fragile. Following the theft, the value of Pepe token dropped significantly.
Hot Take
The theft of Pepe tokens highlights the risks associated with crypto projects and the importance of strong security measures. The actions of a few individuals have caused significant losses and damage to the project. It remains to be seen how Pepe will recover from this setback and regain the trust of its community.
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