The Pepecoin (PEPE) project recently experienced a shocking turn of events when $16 million worth of tokens were mysteriously withdrawn from the project’s multisig wallet. This incident led to a significant drop in the price of PEPE and raised concerns among the community. In this article, we will delve into the details of this withdrawal and examine the claims made by one of the anonymous founding members of Pepecoin.
According to a post on Twitter by one of the anonymous founding members, the $16 million withdrawal was carried out by three ex-team members who acted against the interests of the project. These individuals took advantage of the multisig wallet, which required 3/4 signers for approval. Behind the back of the remaining member, they accessed the multisig and stole 16 trillion tokens, representing 60% of the total amount. The stolen tokens were then sent to various exchanges for selling. The ex-team members went as far as deleting their social accounts to sever any association with the project.
With the majority of the tokens stolen, the remaining member assured the community that the X account and the remaining 10 trillion PEPE tokens are in safe hands. The funds are planned to be transferred to a new wallet where they will remain secure until they are needed or burned. The founding member also revealed that these ex-team members were problematic from the beginning and hindered the progress of the project. Despite these challenges, the remaining member expressed their commitment to acting in the best interest of the PEPE community moving forward.
The community’s reaction to this announcement was mixed. While some expressed support and optimism for the future of PEPE, others questioned the veracity of the claims made by the founding member. It is not uncommon for controversies and disputes to arise within cryptocurrency projects, making it difficult to ascertain the truth behind such incidents. Only time will reveal the full extent of the situation and its implications for Pepecoin.
Despite this setback, Pepecoin has shown resilience, with a 5.7% increase in price over the past 24 hours. The current market cap of PEPE stands at $382.7 million, indicating that there is still considerable investor confidence in the project. As the community navigates through the aftermath of this event, it will be essential for the remaining member to regain trust and rebuild the project’s reputation. Transparency and effective communication with the community will be crucial in shaping the future prospects of Pepecoin.
The mysterious $16 million withdrawal from the Pepecoin multisig wallet has undoubtedly shaken the project and its community. The actions of the ex-team members have raised questions about trust and accountability within the project. However, the remaining member’s commitment to the community and determination to move forward signals a potential path to recovery. As Pepecoin continues its journey, it will need to learn from this incident and take measures to prevent similar occurrences in the future. Only time will tell how this event will shape the destiny of Pepecoin, but one thing is for certain: the cryptocurrency world is full of surprises, both pleasant and unpleasant.