Cryptocurrency developer names those responsible for the fall in the value of a famous token

One of the developers of the infamous PEPE memtoken has published a statement accusing his former colleagues of selling tokens stored in a multi-signature wallet.

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

After the price of PEPE dropped by 20% between August 24 and 25, @pepecoineth apologized for what happened and announced that it would restore confidence in the affected memcoin. According to @pepecoineth, the team initially consisted of 4 developers, but three of the founders left the project and took more than half of the coins at the group’s disposal with them.

«Then they removed themselves from the multisig wallet in an attempt to get rid of any connection with PEPE, deleted all their social accounts and left me only a message: Multisig hasbeen updated, now you are in full control,» the developer wrote.

Then @pepecoineth assured his followers that he had transferred the remaining 10 trillion tokens from the multisig wallet to a new address. «The funds are safe and under control. They are not available to unscrupulous former members of our team ,» the developer emphasized.

@pepecoineth added that he will keep 10 trillion PEPE while he determines the next steps. According to him, he is negotiating the purchase of some web domains and usernames and plans to donate some of these tokens and burn the remaining coins.

The Pepe memecoin (PEPE) showed a sharp drop in price due to the transfer of 6.045 trillion PEPE from the crypto wallet of the coin’s development team — for a total of $ 15.7 million.

The Ripple developers are suspected of using a pump and dump scheme. As it became known earlier, PEPE developers can:

• blacklist an unlimited number of addresses;
• change the number of tokens available for trading;
• limit the number of transactions with the asset.