PEPE developer blamed the team for the collapse of the memecoin price
Date: 2023-08-26 Author: Karina Ziganova Categories: IN WORLD
One of the founders of PEPE released a statement accusing his former colleagues of selling tokens stored in a multisig wallet.
After the price of PEPE fell by 20% between August 24 and 25, pepecoineth apologized for what happened and announced measures designed to restore confidence in the affected memcoin.
Developers collapsed the price of PEPE
The recent collapse in the price of PEPE was triggered by an address controlled by the token development team. It previously held 6.9% of the total memcoin supply.
On Thursday, this address transferred about 16 trillion coins to crypto exchanges. Shortly thereafter, some members of the team apparently changed the threshold for the number of signatures needed to control the wallet from 5/8 to 2/8.
PEPE developer pepecoineth blamed the recent incident on unscrupulous colleagues. According to him, the team initially consisted of 4 developers, but three of the founders have already left the project and took with them more than half of the coins that were at the disposal of the team.
“They then deleted 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 has been updated, now you are in full control of the situation,” he wrote.
Initially, the funds held in the PEPE team's wallet were intended for future listings, bridging, and liquidity provision.
The remaining tokens will be burned in an attempt to cut losses
Subsequently, pepecoineth assured subscribers that it had transferred the remaining 10 trillion tokens from the multisig wallet to the new address.
“Funds are safe and controlled by whoever is in the best interests of everyone and PEPE as a whole. They are not available to unscrupulous ex-team members."
The developer added that he will retain 10 trillion PEPE while he determines further actions. According to him, he is negotiating the acquisition of some web domains and usernames and plans to donate some of these tokens and burn the remaining coins.
