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Pepecoin Founder Blames Former Team Members for $16M Multisig Withdrawal

Pepecoin (PEPE) community is currently discussing some controversial occurrences taking place in the project. Three former members of the memecoin entity are speculated to have stolen funds and hand them over to a single member.

These three rouge members are also connected to the massive $16 million worth of Pepecoin withdrawal from the multi-sig wallet of the project. Analysts have traced down the amount to the former rouge members.

On account of this sudden unfavourable change, Pepecoin prices fell by 15%. The memecoin holders are selling off their reserves on account of rising fears around a rug pull.

Several Pepecoin investors pointed out the fact that a massive amount of token was withdrawn from the multisig wallet and sent to various exchange platforms. A post on X shared insights from one of the anonymous co-founders of the Pepecoin project.

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As per the statement on X, It is worth noting that around 3 former founding members of Pepecoin have abandoned the project. At the same time, the statement on social media also maintained that these members stole a considerable amount of fund from the project before disappearing.

With the new changes, the entire supply of Pepecoin is under control of only one founding member. However, the main multi-sig wallet of the project was designed to operate with at least 3 out of 4 members present on the network.

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The declaration maintained that the three AWOL members colluded behind the back of the fourth one. They logged-in the multi-sig wallet and stole 16 trillion out of 26 trillion PEPE coins. The siphoned tokens make up for 60% out of the total multisig reserves.

The ex-members proceeded to send the stolen tokens to various exchanges in order to make profits. Furthermore, the founding partners have removed themselves from the multi-sig wallet address to revoke any association with $PEPE.

Former Pepecoin Members Disappear After Deleting their Social Media Accounts

3 out of 4 Pepecoin founding members have decided to leave the community for good after cashing out massive $PEPE reserves. Unsurprisingly, the meme coin project starters left their investors holding the bag while they sold-off more than 60% of the total $PEPE supply.

At the same time, the ex-members also deleted their social media accounts leaving a message for the singled out member telling him that you are now in full control.

However, the remaining member has assured the $PEPE community that their reserves are now in safe hands. The unnamed owner is now in possession of the remaining 10 trillion $PEPE coins.

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These tokens are set to be sent to a new wallet address where they will rest until burned. These defaulting members were difficult to work with and frequently created issues and controversies since the meme project was first launched in April this year.

Despite the ongoing kerfuffle $PEPE has gained 5.7% during the last 24 hours and harbour a market cap of $382.7 million as per CoinGecko.


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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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