This is every crypto investor’s nightmare: a sudden and unexplained crash of a promising currency. But what if this case is not a simple market correction? Pepe Coin is facing a mega-scandal that has rocked the memecoin world, causing the coin to plummet nearly 22% in the past seven days. Read on to find out how 16 trillion tokens worth $15 million simply disappeared and what that could mean for the future of memecoin.
Pepe scandal: The intricate chronology of a $16 million heist
The recent Pepe Coin crash was caused by the transfer of 16 trillion tokens from the PEPE multisig CEX wallet triggered. Through this transaction, tokens found in Worth nearly $15 million made their way to four major crypto exchanges: OKX, Binance, KuCoin, and Bybit. Interestingly, the number of required signers reduced to 2⁄8.
It appears that this course of action initiated by internal bad actors who had access to the multisig wallets. These individuals hold the large inventory of tokens liquidated for personal gain. With fewer signatures required for transactions, they were able to pull off this massive scam without the consent of other team members.
The damage is massive. The stolen ones Tokens make up 60% of the 26 trillion tokens in the multi-sig wallet. This leaves only $10 trillion PEPE in this one, held and secured by only one signer.
The robbery was probably also triggered by the internal squabbles of the team, which was partly guided by their big egos and greed. Some team members distanced themselves from the project in the first week.
Some of them should prevented progress on donations and purchases with multi-sig tokens. Because they didn’t sign, had differences of opinion and couldn’t be reached for weeks.
These 3 former team members then combined behind another founder’s back and can remove the tokens from the multi-sig wallet due to the ¾ majority. They then removed themselves from the multi-sig wallet and deleted their social media accounts.
The only thing they left was the few tokens and a message that the multi-sig wallet was updated. Financially, this is a huge blow to investors and the entire PEPE ecosystem. Because the CEX wallet tokens should never be sold in the market and the team should not benefit from it.
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Community Response: Chaos, uncertainty and the uncertain future of Pepe Coins
The news of the theft has caused massive unrest in the Pepe community. The case is hotly debated on social media, forums and crypto news portals. Investors who once had high hopes for Pepe Coin are now considering withdrawing their investments.
some investors call for a rug pull, in which all tokens are withdrawn from the market. Other rely on transparency and communication on the part of developers as a way out of the crisis. While some experts are warning of further losses, others believe this could present a buying opportunity. In any case this crisis could have a longer-term impact on the value and credibility of Pepe Coins.
However, the rest of the Pepe teams will endeavor to ensure the greatest possible transparency from now on. These should have the best interests of Pepe investors in mind. Therefore, the remaining tokens will be sent to a new wallet pending a decision on their future use. However, trust in the project has now been compromised.
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What is Pepe Coin?
The Pepe Coin conquered the crypto world and wants one offer a real alternative in the market dominated by Shiba Inu coins. Pepe the Frogthe basis for the Pepe Coin, was created in 2005 by Matt Fury created. Over time, the figure became used for various political movementsbut Pepe Coin wants the original, humorous picture restore. The token launched in 2023 follows the motto: “Make Memecoins great again.” However, it is important to mention that the Coin is unrelated to original artist Matt Furie.
The cryptocurrency has a fixed supply of 420.69 trillion PEPE tokens. These became 93.1% for liquidity pools on crypto exchanges and 6.9% for listings on trading venues used. As ERC-20 tokenBased on the Ethereum blockchain, Pepe Coin enjoys advantages such as security, scalability and interoperability with other Ethereum projects. Pepe offers a special incentive through the free transaction feeswhich aims to appeal to a broader user base.
Pepe Coin has a massive social media presence, with more than 478,200 Twitter followers and one Telegram group of 99,7740 members scores. This community is a key driver of the token price, aided by supply-demand dynamics and various incentive mechanisms such as a Redistribution of 2% of each transaction to the token holders.
Pepe Coin is on over 20 crypto exchanges listed, increasing liquidity and access for investors. The versatile Integration in platforms like OpenSea and Pepe Casino contributes to the attractiveness for potential investors.
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Meme coins: Investors are looking for new opportunities
In light of the Pepe scandal, investors are starting to look to alternative memecoins. Because these tokens are known for their high returns and rapid price increases, but also for their volatility. New developments and promising meme projects are already emerging and could bring extraordinary returns to investors. Some of the most exciting are presented below:
Fastest memecoin is racing towards the end of the popular presale
The extraordinary memecoin Sonik became Inspired by Sonic The Hedgehog, although there is no direct connection to him or its inventor, Sega. Instead, it is a community token that was developed for the fan community and memecoin swords. What is special about him is that he has been enriched with the factors that enable price explosions, like stake-to-earn, with high returns to retain long-term investors. After just a few days, the highly sought-after project tokens worth sell more than $553,159. From now on only remain less than 10 days leftto get the $SONIK Coins in the Secure pre-sale offer and start staking already.
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Combination of asset classes with the steepest price increases and a large community
One intriguing memecoin is Wall Street Memes, which combines the parabolic rises of memestocks with the astronomical returns of memecoins. It arose from the Retail investor community WallStreetBets, which together challenged Wall Street with their coordinated actions and caused a great stir. Many have seen a similarly revolutionary potential in the community tokens, which one developed for a community of 1 million people became. Its mission is to for fairer financial systemswhich again serve the broad majority instead of the super-rich few. Even during the presale, investors can benefit from passive income through staking, raising $25 million.
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About the author: Simon Feldhusen first came into contact with the stock market 17 years ago and has been dealing intensively with trading, cryptoassets, stocks, P2P, corporate finance, finance and entrepreneurship on a daily basis for more than 8 years. He has also been working as a copywriter and ghostwriter in the financial sector for several years. During this time he has acquired a diversified knowledge through various training courses on the financial markets and following the daily news. Since then, not a day has gone by that he hasn’t engaged with the markets. He publishes for Finanzen.net, ETF-Nachrichten.de, Coincierge.de and P2E News.com.