Odaily Planet Daily News Meme token project PEPE tweeted that a series of unexpected transactions occurred in PEPE's multi-signature CEX wallet yesterday. About 16 trillion PEPE tokens in the wallet were transferred to OKX, Binance, KuCoin, and Bybit exchanges, and the number of required signers was reduced to 2/8 wallets. There are now 10 trillion coins and one signer left in the multisig wallet.
PEPE officials stated that since its inception, PEPE has been plagued by internal strife, with parts of the team becoming bad actors due to egos and greed. Now, PEPE has completely got rid of these burdens, and the road ahead is bright. Unable to sign, differing opinions, and being unable to contact for weeks on end, they hindered the team from making donations or purchases with multisig tokens. A multi-signature setup requires 3/4 of the signers to be present for approval.
The real situation of this coin selling incident is that three former team members returned secretly on the 25th, logged in multi-signature, stole 60% of the tokens in the wallet, that is, the 16 trillion PEPEs, and sent them to the trading platform sell. They then removed themselves from the multisig in an attempt to exonerate any association with PEPE, and also deleted all of its social accounts, leaving only a message saying "Multisig has been updated and you now have full control. "
Officials say they are appalled by what happened and apologize for all the fear and uncertainty the bad actors have caused community members, as well as any loss. The official claimed that the current control of the official Twitter account and the remaining 10 trillion tokens in the multi-signature wallet are safe, and the former team members have no access. It hopes that PEPE can continue to maintain and thrive in a truly decentralized and anti-fragile state.
According to previous news, the PEPE multi-signature wallet threshold was changed from 5/8 to 2/8, and more than 16 trillion PEPEs were transferred to CEX.