TL; DR
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On August 24, 2023, the multi-sig wallet (aka the shared bank account between the founders) lowered the threshold to approve a transaction to just 2/8 signatures. Immediately after that change, the team began transferring $PEPE to centralized exchanges.
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The general theory is: The whole PEPE team is basically in cahoots and knows exactly how to sell their assets without affecting the price of $PEPE at drastic.
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Even worse, they may have released the announcement to convince the rest of the community not to sell their holdings (allowing the team to sell at a higher price).
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Be careful out there folks!
Full story
You know how gym/entrepreneur brothers often say “NO DAYS OFF!” call. to you from your Instagram feed?
For us, the crypto news cycle can sometimes maintain a similar, grating energy.
If you can’t tell from the articles in this issue, today is such a day.
A current source of noise is Pepe: the meme coin launched in April has surged more than 1,500% and reached a peak market cap of $1.5 billion in May.
Something happened to the project in the last week – and it’s not good!
On August 24, 2023, the multi-sig wallet (aka the shared bank account between the founders) lowered the threshold to approve a transaction to just 2/8 signatures.
And right after that change, the team started transferring $PEPE to centralized exchanges.
(Which usually indicates intent to sell).
The problem was that the team had stated from the very beginning:
“The remaining 6.9% of the supply is held in a multi-sig wallet that can only be used as tokens for future centralized exchange listings, bridges and liquidity pools.”
Translation: “The remaining supply of PEPE will be used to support and grow the project (not to enrich ourselves).”
So what happened?
On August 26, the team came up with a announcementpointing to “three ex-team members.”
Their story?
These three members were apparently “bad actors led by big egos and greed” who made off with about $15 million worth of Pepe tokens, but everything is now under control.
Needless to say, this argument didn’t completely convince the community.
Why?
First, Pauly, a crypto influencer, had already done that sounded the alarm about the PEPE team.
And second, only 60% of the $PEPE that was in that multi-sig wallet was deleted. If it really was theft, why leave $10 million behind?
The general theory is:
It’s because the entire PEPE team is basically in cahoots and knows exactly how to sell their assets without affecting the price of $PEPE. at drastic.
Even worse, they may have released the announcement to convince the rest of the community not to sell their holdings.
(Allowing the team to sell at a higher price).
Be careful out there folks!