PEPE Acknowledges Multi-Sig Wallet Transfers Tokens to Exchange Due to "Internal Discord"

PEPE project has officially addressed concerns over a recent series of token transfers to CEX exchanges, which left the community bewildered.

PEPE Acknowledges Multi-Sig Wallet Transfers Tokens to Exchange Due to "Internal Discord"

As reported by Coin68 early on August 25, the community was in turmoil following a series of PEPE token transfers to CEX exchanges without clear reasons.

It was revealed that over 16 trillion PEPE tokens (representing 3.8% of the total supply) were moved from the project's multi-sig wallet to various CEX exchanges, causing a sudden 16% dump in PEPE's price within a short period.

The aftermath was severe, with some accusing the project's Twitter handle of being a soft rug as it had not posted any tweets in the past two weeks.

However, by midday on August 26 (Vietnam time), the project officially took to Twitter to explain:

• Acknowledgment that the multi-sig wallet transferred 16 trillion PEPE tokens, equivalent to $15 million, to CEX exchanges including OKX, Binance, Kucoin, and Bybit.
• This was the wrongdoing of three former project members driven by "ego and greed," rather than consensus from the entire team.
• These individuals have since deleted all social media accounts and contact information to evade detection.
• The remaining 10 trillion PEPE tokens in the wallet will be transferred to a new wallet with enhanced security measures.
• Lastly, the project assures the community that current token reserve wallets are secure, apologizing for past events and expressing hope for trust in the project's bright future.

PEPE's price quickly pumped nearly 10% within 15 minutes of this announcement being made public. It is evident that the community has placed trust in these explanations and maintains optimism towards this memecoin.

15-minute chart of PEPE/USDT pair on Binance at 11:25 AM on August 26, 2023