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PEPE token team disavows cryptic transactions, blames rogue ex-members

TL;DR

  • PEPE Token distances itself from strange transactions and suspects ex-members.
  • Rogue ex-members suspected in PEPE Token’s mysterious transactions.
  • Cryptic PEPE Token transactions trigger disavowal and blame on ex-members.

In a recent statement, the official PEPE X account has issued a significant clarification regarding recent transactions associated with the PEPE deployer. 

The PEPE team has expressed its awareness of recent activities involving the PEPE deployer wallet; however, it has distanced itself from these transactions, emphasizing that they are not connected to the current PEPE team. Furthermore, PEPE has asserted that it is not associated with any other projects or tokens.

PEPE unexplained transactions raise concerns

The recent actions in the $PEPE deployer wallet have raised eyebrows within the cryptocurrency community. While specific details regarding these transactions were not provided in the tweet, PEPE made it clear that these activities have no affiliation with the current team managing the project. 

This announcement comes as a response to the peculiar activities taking place in the PEPE deployer wallet, leaving many investors and enthusiasts puzzled.

Possible involvement of rogue ex-team members

PEPE has suggested that these unusual transactions might be the result of nefarious actions by former team members who were involved in a significant incident in August 2023. During that incident, rogue PEPE developers executed a series of unexpected transactions from the project’s multi-signature wallet, effectively siphoning off millions of dollars worth of PEPE tokens.

In the incident, the rogue developers managed to transfer a staggering 16 trillion PEPE tokens, valued at approximately $15.7 million at the time, to various cryptocurrency exchanges, including OKX, Binance, and Bybit. 

This series of transactions created turmoil within the PEPE community and prompted immediate action from the remaining PEPE team members.

Efforts to address the theft

In response to the theft, the PEPE team clarified the situation and proceeded to transfer the remaining 10 trillion tokens to a new wallet, where they would be securely stored until they could be put to legitimate use or burned. Subsequently, PEPE executed a burn of 6.9 trillion PEPE tokens out of the 10 trillion that remained after the theft incident.

Following the theft incident, PEPE also took steps to strengthen its position in the cryptocurrency space. The project brought on board a new team of advisors who would provide guidance and expertise to help PEPE move forward. 

This strategic move aimed to rebuild trust within the community and explore potential uses for the remaining 3.79 trillion tokens that were attributed to the previous team’s CEX multi-signature wallet. These tokens were earmarked for strategic partnerships and marketing purposes.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

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