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Pepe Makes Important Clarification on Strange PEPE Token Transactions

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Sat, 27/01/2024 - 13:59
Pepe Makes Important Clarification on Strange PEPE Token Transactions
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The official PEPE X account has issued an important clarification as regards recent transactions from the PEPE deployer.

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PEPE states it has been aware of recent action in the PEPE deployer; however, the particular transactions were not provided in the tweet.

PEPE distances itself from this strange activity, stating that these transactions, as well as any future transactions from the deployer wallet, have no association with the remaining team of PEPE.

In addition, PEPE says it is not associated with any other projects or tokens. The said transactions might have been made by the nefarious ex-team members who previously stole from the PEPE treasury, the PEPE team stated.

It is worth recalling the incident in August 2023, when some rogue PEPE developers made a series of unexpected transactions from the project's multi-sig wallet, effectively stealing millions of dollars in PEPE.

A series of unusual transactions occurred from the PEPE multi-sig CEX wallet, which houses a significant portion of the coin's total supply, resulting in the transfer of 16 trillion PEPE tokens, worth approximately $15.7 million at the time, to various crypto exchanges such as OKX, Binance and Bybit.

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Following that, the PEPE team clarified the incident and announced the transfer of the remaining 10 trillion tokens to a new wallet, to be carefully stored until they are used or burned.

Months later, PEPE burned 6.9 trillion PEPE out of the 10 trillion tokens that remained following the theft incident. PEPE also stated that it had brought on a new team of advisors to help it move on while it looked into potential uses for the remaining 3.79 trillion tokens ascribed to the previous team's CEX multi-sig wallet for strategic partnerships and marketing.

At the time of writing, the frog-themed meme coin Pepe (PEPE) was up 0.95% in the last 24 hours to $0.000001083.

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