A famous memecoin project named PEPE has recently raised allegations against its co-founders. The project has accused the co-founders of deceptively stealing numerous tokens. As per it, the accused co-founders took away the respective tokens from the platform’s multi-signature wallet. One of the founders of the project stated that 3 of its co-founders potentially carried out the recent suspicious transfers.
PEPE Co-Founders Allegedly Took Away Numerous Tokens
They allegedly stole the tokens from the PEPE project’s multi-signature wallet. This incident paved the way for the outflow of the meme coins of more than $15M. On the official account of PEPE on X, the platform shared a lengthy tweet. In that post, the platform disclosed that the recent unfortunate transfers account for numerous tokens in the hands of the 4 founders of the project.
One of PEPE’s founders asserts that no one of the other founders remains within the project. As per that founder, the initial mechanism of the multi-signature wallet needs approval from ¾ signers. Nonetheless, the internal conflict in the respective project paved the way for permanent conflicts. They hindered the progress of the project.
3 of the 4 signers included in the development of the project reportedly quit it just a week following that launch. The remaining founder also disclosed that the 3 of the former team members made a comeback on the 25th of August. Additionally, they logged into the platform’s multi-sig wallet. As a result, they took away sixteen trillion tokens.
The Tokens Were Immediately Sold on Well-Known Crypto Exchanges
Then they transacted the respective funds to centrally controlled crypto exchanges such as Kucoin, OKX, and Binance. On these platforms, they sold the tokens. Eventually, they exited the multi-sig wallet and transferred the complete control to the other founder. The respective founder has thus expressed surprise on seeing witnessing such a situation.
SEC Issues Investors Alert Regarding Cryptocurrency Securities
Bitcoin’s Upward Price Journey – BTC to Hit New All-Time High (ATH) Value
U.S. Defense Bill 2024 Removes Crypto Regulations from the Legislation
You have not selected any currencies to display