The Pepe coin community is grappling with a $15 million token theft, with roughly 16 Trillion $PEPE tokens disappearing and swiftly finding their way to prominent cryptocurrency exchanges, including OKX, Binance, Kucoin, and Bybit. This startling incident, unfolding on August 24, 2023, has left the project’s multisig CEX wallet compromised and has raised substantial concerns about the security of digital assets.

Pepe Coin Team Offers Clarity Amidst Uncertainty

In an earnest effort to provide transparency and clarity during this tumultuous time, the official Pepe Twitter account took to social media to shed light on the situation. The team clarified that the stolen tokens had previously resided in the CEX wallet, an account never intended for market sales or personal gain by the project’s team.

This incident has laid bare the internal conflicts that have plagued Pepe coin since its inception. Disagreements and disputes among team members have characterized the project’s early stages. Some members, driven by personal ambitions and ego, distanced themselves within the first week. Their reluctance to cooperate, frequent arguments, and extended periods of unresponsiveness disrupted the project’s development.

The crisis reached its peak when three former team members, motivated by undisclosed reasons, orchestrated the theft of 16 Trillion tokens, representing a staggering 60% of the multisig wallet’s total holdings. These rogue ex-members executed the transfers without authorization, effectively erasing all traces of their involvement with the project. Fortunately, the remaining 10 Trillion tokens remain under the stewardship of a dedicated team member who is firmly committed to the project’s ongoing growth and success.

an announcement to the $PEPE community:

Yesterday on August 24th, 2023, a series of unexpected transactions took place from the $PEPE multisig CEX
Wallet in which ~16 Trillion $PEPE tokens (worth roughly $15m USD) were transferred to various crypto exchanges (OKX, Binance,… pic.twitter.com/iZmXV1TAvw

— Pepe (@pepecoineth) August 26, 2023

Rapid Token Liquidation and Future Endeavours

In the wake of the incident, the stolen tokens were rapidly liquidated on OKX and Binance exchanges, leaving the community in a state of shock. To safeguard against further misuse, the remaining 10 Trillion tokens will be relocated to a new wallet. The affected team member is also actively engaged in securing web domains and usernames for PEPE, with intentions to burn the remaining tokens upon the completion of these acquisitions.

Pepe Coin Price Demonstrates Resilience Amid Challenges

Despite the turmoil and uncertainty, Pepe coin’s price has displayed notable resilience, recording an almost 7% increase in the last 24 hours and currently trading at $0.0000009045. The project’s market capitalization has also surged by 3.40%, reaching $354.98 million.

In response to the security breach, the official PEPE Telegram group has been temporarily locked down due to hacking concerns. The primary communication channel now resides on the @pepecoineth Twitter account, where new official group links will be shared. The community is strongly advised to exercise caution and vigilance, avoiding scams related to airdrops, staking, mints, or claims, as the official PEPE team disavows such practices.

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A Resolute Path Forward

Despite this setback, the remaining members of the PEPE community stand unwavering in their commitment to steer the project toward a decentralised and robust future. This incident serves as a stark reminder of the importance of vigilance and due diligence within the cryptocurrency community when handling wallets and tokens.

Disclaimer: This article is based on information available as of August 26, 2023. It is intended for informational purposes only and does not constitute financial or investment advice. Readers are encouraged to conduct their research and seek guidance from financial experts before making any investment decisions related to cryptocurrencies or digital assets.