- Ex-team members steal 16 trillion PEPE worth $15M from the PEPE wallet.
- The stolen tokens represented 60% of the team’s total PEPE tokens.
- The PEPE team said it will create new official Telegram groups.
In an announcement, the PEPE admin confirmed that unexpected developments occurred on Thursday, where trillions of PEPE tokens went missing. Specifically, PEPE admin revealed on X that approximately 16 trillion PEPE tokens, equivalent to around $15 million, were moved from the PEPE multisig CEX Wallet.
These tokens were transferred to several crypto exchanges, including OKX, Binance, Kucoin, and Bybit. The transfer coincided with reducing the required signer count from 3/4 to 2/8 wallets for the multi-sig setup.
Consequently, the multi-sig wallet now holds 10 trillion tokens with only one signer remaining.
Furthermore, the administrator assured the PEPE community that the remaining tokens and their associated X account are secure. They aimed to provide clarity and transparency about the situation.
Meanwhile, the administrator shared that PEPE had faced internal conflicts since its inception. It involved certain team members driven by personal agendas and greed. According to the statement, these issues led to a lack of progress and cooperation. It impeded actions like donations and token burns.
However, a significant turn of events unfolded when three ex-team members, who had distanced themselves earlier, took unauthorized action. Without the administrator’s knowledge, they accessed the multi-sig wallet and stole 16 trillion tokens. The stolen token represented 60% of the team’s total PEPE tokens. The individuals proceeded to sell them on exchanges.
Following this, the ex-team members disassociated themselves from PEPE and erased their social media presence. They left a message confirming their control over the multi-sig. Nonetheless, the admin reassured that the remaining 10 trillion tokens and the control of the X account are in safe hands.
Also, the PEPE noted that official communication for the community will now come through their X account. The decision comes amid the lockdown on their official Telegram group. Notably, the team said it will create new official Telegram groups.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
