Some faulty developers in the Pepecoin team were behind last week’s unprecedented transfers from the token multi-signature wallet, effectively stealing millions of dollars worth of pepe coins (PEPE). A member of the team claimed on X (formerly Twitter). “Since its inception, $PEPE has unfortunately been plagued with internal conflicts and part of the team consisted of malicious actors driven by big egos and greed,” one developer claiming to now have control of the project stated in a tweet. “There were frequent clashes and the majority of the team involved in the creation of $PEPE began to move away after the first week of the project’s launch.”

Last week, more than 16 trillion Pepe tokens ($15 million) were illegally transferred and subsequently sold to crypto exchanges OKX, Binance, Kucoin, and Bybit – which led to an almost 20% drop in frog-themed tokens. Said by a member of the team. Noting the alarming changes in the control of transaction confirmations in a developer-owned wallet, on-chain experts previously reported that the requirement for five out of eight wallets to sign for transactions to be confirmed has changed. These transactions represented the first time the multi-signature wallet, holding 26 trillion of the project’s total supply of 420 trillion tokens, sent the meme coin. But who is currently in control of the project is in an apologetic state in X posts, which plans to scale up and eventually decentralize the project completely in the coming months. “I have made donations and domains that I am considering buying for PEPE with the owners of some web domains and usernames, and when I complete any of these prospective purchases or multi-sig PEPE donations, I will burn the rest of the multi-sig tokens,” he said. Burns refer to the permanent deletion of tokens from the open market. Pepe became one of the biggest success stories of 2023 in an overall bearish market, reaching a peak market cap of $1.8 billion in mid-May, with the other meme coin with the largest trading volume such as dogecoin (DOGE) and shiba inu (SHIB). left them behind.