In an unexpected turn of events, PEPE admin announced a significant incident that occurred on Thursday, resulting in the disappearance of trillions of PEPE tokens.
The admin confirmed these developments through an official announcement on X (formerly known as Twitter).
Around 16 trillion PEPE tokens, valued at around $15 million, were found to be missing from the PEPE multisig CEX Wallet.
The tokens were observed to have been transferred to several prominent crypto exchanges, including OKX, Binance, Kucoin, and Bybit.
Intriguingly, this transfer coincided with a modification in the multi-sig setup, reducing the required signer count from 3/4 to 2/8 wallets.
As a consequence, the multi-sig wallet now retains 10 trillion tokens, with merely one signer remaining.
The PEPE administration moved swiftly to reassure the community that the remaining tokens and the associated X account were secure.
This announcement aimed to offer transparency and clarity amid a concerning situation.
Simultaneously, the administrator unveiled internal conflicts that had plagued the PEPE project since its inception.
Certain team members were allegedly motivated by personal agendas and greed, leading to hindrances in cooperation and progress. This impact was felt on various fronts, including impeding donations and token burns.
A notable twist emerged as three former team members, who had previously distanced themselves, took unauthorized actions.
Without the administrator’s knowledge or consent, they accessed the multi-sig wallet and proceeded to steal a staggering 16 trillion tokens.
This stolen token amount represented a substantial 60% of the team’s overall PEPE tokens. The individuals proceeded to sell these tokens on various exchanges.
Subsequently, these ex-team members distanced themselves from the PEPE project and eradicated their presence on social media platforms.
They left a message asserting their control over the multi-sig. Despite this setback, the admin conveyed that the remaining 10 trillion tokens and the control of the X account remain safeguarded.
