A remarkable turn shook the PEPE community on August 24, 2023, as unforeseen transactions led to turmoil. A well-known Crypto influencer, Wu Blockchain, disclosed a significant breach instigated by three ex-team members, misappropriating a massive 16 Trillion $PEPE tokens valued at $15 million. These gains were illicitly drawn from the project’s multisig CEX wallet, severely denting member trust.
The stolen tokens were rapidly funneled into prominent cryptocurrency exchanges, including OKX, Binance, Kucoin, and Bybit. This marked a shocking deviation from the token’s intended purpose and left the PEPE community grappling with the consequences of this bold act. Adding to the intrigue, the number of required signers for the beleaguered multisig wallet plummeted from eight to two.
PEPE Reveals Stolen Tokens’ Origin
Amidst the chaos, the official PEPE Twitter account made a bid for transparency, disclosing that the stolen tokens were once housed within the CEX wallet. The team swiftly clarified that this repository was never intended for speculative sales or personal enrichment. This revelation shed light on the internal fractures that have marred the journey.
The coin’s history has been colored by internal disputes and clashes among team members, some of whom departed early due to disagreements and inflated egos. Their disobedience and intermittent communication created bottlenecks and slowdowns in the project’s progress. However, the crescendo of the crisis was orchestrated by a triumvirate of former team members who resurfaced with nefarious intent.
In a stunning coup, these ex-members hijacked 16 Trillion tokens, a staggering 60% of the multisig wallet’s holdings. Executing these transfers without authorization, they vanished without a trace, obliterating any vestiges of their previous involvement. In contrast, the remaining 10 Trillion tokens were retained by a steadfast team member determined to uphold the project’s integrity and prosperity.
In the aftermath, the stolen tokens were rapidly liquidated on exchanges like OKX and Binance. Meanwhile, plans are afoot to safeguard the remaining 10 Trillion tokens by moving them to a fresh wallet. The affected party is also actively securing web domains and usernames related to incinerating the remaining tokens upon completing these acquisitions.
Following this upheaval, the official PEPE Telegram group remains inaccessible due to hacking concerns. The @pepecoineth Twitter account has now taken center stage as the primary mode of communication, hosting official group links. Amidst the mayhem, the community is advised to remain vigilant against potential scams involving airdrops, staking, mints, or other fraudulent claims, as the legitimate PEPE team abstains from such practices.
Undeterred by the setback, steadfast members of the PEPE community remain resolute in steering the project toward a decentralized and resilient future. This incident is a stark reminder of the imperative for prudence within the cryptocurrency community, emphasizing the need to deliberate and connect before embarking on actions that influence wallets and tokens.
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