The Pepecoin (PEPE) project recently found itself in the midst of a controversy surrounding a massive $16 million withdrawal from its multisig wallet. This withdrawal sent shockwaves through the community, causing a 15% plunge in the price of PEPE amid fears of a potential rug-pull. However, it appears that the circumstances behind this mysterious withdrawal have finally been revealed, pointing fingers at three ex-team members who decided to go rogue.
In an attempt to clear the air, one of the anonymous founding members behind Pepecoin took to X (Twitter) on August 25 and shared a community announcement from the @pepecoineth account. This announcement shed light on the events that unfolded, providing some insight into what exactly happened.
According to the statement, it was revealed that the three ex-team members surreptitiously stole the funds from the multisig wallet and then completely abandoned the project. They left the sole remaining member in full control, erasing any trace of their involvement by removing themselves from the multisig and deleting all social accounts associated with the project.
The magnitude of the theft becomes evident as the announcement states that the ex-team members made off with a staggering 16 trillion PEPE tokens, which accounted for 60% of the total holdings in the multisig wallet. These ill-gotten funds were subsequently sent to various exchanges with the intention of selling them off.
However, the announcement assures the community that the remaining member, identified as the founding member behind the X account, has taken measures to secure the remaining 10 trillion PEPE tokens. These tokens are now in safe hands and are set to be transferred to a new wallet where they will remain until a suitable use or burn opportunity arises.
The announcement also sheds light on the fact that these ex-team members had been a source of difficulty and hindrance to the Pepecoin project since its launch in April. Their negative behavior and selfish motivations had impeded progress, preventing the project from achieving its various targets.
Unsurprisingly, the reaction to this revelation was mixed within the community. While some individuals expressed support and optimism for the future, others remained skeptical about the authenticity of these claims. Naturally, when faced with such a shocking turn of events, skepticism is only natural.
Despite the turmoil caused by the actions of these rogue team members, the remaining member of the Pepecoin project remains determined to act in the best interests of the community. They intend to navigate the stormy waters of this controversy and steer Pepecoin towards a brighter future, one that is free from the constraints imposed by negligent team members and a locked multisig situation.
The road ahead may be challenging, but the founding member expressed their commitment to working alongside the community and prioritizing the best interests of the project and its token holders.
In the aftermath of this revelation and with the situation becoming clearer, the price of PEPE has experienced a modest increase. Over the past 24 hours, PEPE has seen a 5.7% rise, bringing its price to $$0.000000895278. Furthermore, data from CoinGecko indicates that PEPE currently boasts a market capitalization of $382.7 million.
The mystery surrounding the multimillion-dollar withdrawal from Pepecoin’s multisig wallet has finally been unraveled. The actions of the three ex-team members, who went rogue and absconded with a significant portion of the project’s funds, have shed light on the internal strife and setbacks faced by Pepecoin.
While the road to recovery and rebuilding may be long, the remaining member of Pepecoin vows to learn from these experiences and move forward in a way that benefits the community and addresses the best interests of their token holders. With cautious optimism, the community now awaits the next chapter in the Pepecoin project, hoping for a future devoid of such controversies and obstacles.