The Pepecoin (PEPE) project recently experienced a drastic turn of events when $16 million worth of PEPE tokens were mysteriously withdrawn from the project’s multisig wallet. This unexpected development caused panic within the community, leading to a sharp 15% decrease in the price of PEPE. However, the truth behind this incident has now come to light, pointing fingers at three former team members who allegedly betrayed the project.
In a surprising twist, one of the anonymous founding members of Pepecoin took to Twitter to set the record straight. They shared a community announcement from the @pepecoineth account, shedding light on the events that transpired. According to the statement, three team members betrayed the project by not only stealing the funds from the multisig wallet but also completely abandoning their responsibilities. The sole remaining member was left to pick up the pieces and regain control of the project.
The multisig wallet had been set up with a protocol requiring the presence of three out of four signers for any transaction approval. However, the ex-team members bypassed this security measure by logging into the multisig without the remaining member’s knowledge. They proceeded to withdraw a staggering 16 trillion tokens, equivalent to 60% of the total supply, and promptly sent them to various exchanges for selling purposes. To absolve themselves of any association with Pepecoin, the rogue team members removed themselves from the multisig and deleted all traces of their involvement.
Fortunately, the founding member assured the community that the remaining 10 trillion PEPE tokens, along with the X account, are now in safe hands. These funds will be transferred to a new wallet where they will remain secure until a suitable use or burning opportunity arises. Despite the setback caused by the betrayers, the Pepecoin project remains committed to moving forward and prioritizing the best interests of its community.
The anonymous founding member reflected upon the unfortunate history of inner strife within the Pepecoin project. They revealed that a portion of the team had been plagued by big egos and greed, obstructing progress and hindering the project’s growth since its launch in April. However, with the unmasking of the rogue team members and their subsequent departure, the remaining member is determined to rebuild and restore trust within the community. They aspire to operate with transparency and the community’s best interests at heart, free from the previously imposed limitations.
The community’s response to this revelation has been diverse. Some expressed their support and bullish outlook for the future of PEPE, applauding the actions taken by the remaining team member. However, skepticism also emerged, with certain individuals questioning the authenticity of these claims. As the Pepecoin project strives to regain its footing, only time will tell whether the community’s trust can be fully restored.
Despite the turmoil caused by the malicious acts of the ex-team members, PEPE has shown resilience in the face of adversity. At the time of writing, the price of PEPE has experienced a 5.7% increase over the past 24 hours, bringing it to a valuation of $0.000000895278. The currency currently boasts a market cap of $382.7 million, according to data sourced from CoinGecko. This glimmer of hope bodes well for the future of Pepecoin, highlighting the potential for recovery and growth.
The Pepecoin project’s journey has been marred by betrayal and inner turmoil. The recent revelation of the $16 million withdrawal serves as a stark reminder of the challenges faced by cryptocurrency projects. However, with determination, transparency, and the support of the community, Pepecoin has the opportunity to emerge stronger than ever. The remaining member’s commitment to the project’s best interests and the safeguarding of community funds are crucial factors in rebuilding trust and propelling Pepecoin towards a brighter future.
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