Pepe Coin Developer Confirms “Rogues” Behind $16M Multisig Theft

Key Takeaways:

• Pepecoin prices recently tanked following the team selling off nearly 60% of its holdings.
• PEPE bulls seem to have arrested their recent downtrend.
• The last Pepe developer claimed rogue members of the team for the sell-off.

NEW DELHI (CoinChapter.com) — Meme token Pepecoin’s fans finally got an answer for the recent suspicious activity surrounding the project’s multi-sig wallet.

PEPE, the barely four-month-old project, saw its multisig wallet change its threshold to 2/8 signatures. Simply put, transactions from the wallet would only require two signatures from the previous five.

A larger number of signatures ensured the wallet’s security, prohibiting a small group of users from selling the wallet’s holdings for personal gains. Furthermore, unknown participants deposited about 17.3 trillion PEPE tokens (worth nearly $18 million) to various exchanges.

News of the wallet transaction threshold change and transactions precipitated a panic selling, with early buyers dumping their tokens and PEPE price taking a hit.

Rogue Founders Stole The Tokens

On Aug 26, Pepecoin’s official X handle released a post explaining the mysterious transactions. The lone surviving PEPE founder assured users that the 10 trillion PEPE tokens left in the wallet and Pepecoin’s X account were “in safe hands.”

Moreover, the Pepecoin founder claimed the project had trouble with infighting since some of the founders were “bad actors led by big egos and greed.”

However, the post stated that the Pepecoin team was better off without the ‘bad actors.‘

Pepe is now entirely free of this baggage, with clear roads ahead. There has often been conflict, and the majority of the team involved in PEPE creation started to distance themselves after the first week of project inception.

Pepe coin founder said.

Additionally, the founder claimed that the ‘rogues’ blocked Pepecoin’s progress on several fronts. Furthermore, the Pepecoin developer apologized to the traders for any losses and FUD.

The post claimed that the remaining 10 trillion PEPE tokens were in the hands of someone with the “best interests for everybody and PEPE at hand.”

The Pepecoin founder stated that the project transferred its remaining 10 trillion PEPE tokens to a new wallet for future use or burning. The post claimed that Pepecoin was looking into acquiring some web domains and usernames, following which the project would burn the remaining tokens.

PEPE Price Fails To Respond To Founder’s Claims

Despite the Pepecoin founder’s apology and claims of helping the project grow, the PEPE price fell over 3% to reach a daily low near $0.00000086. However, a positive for the meme token was that bulls had managed to arrest the downtrend, resulting in PEPE price crabbing since Aug 25.

The relative strength index for PEPE remained oversold, with a value of 29.59 on the daily charts. Traditionally, traders consider oversold RSI levels an indicator of a bullish reversal or the beginning of a consolidation phase.

If buyers enter the market, the PEPE price might rally to the resistance near $0.00000097. Moreover, breaking and consolidating above the immediate resistance could help the Pepecoin price target the 50-day EMA (purple wave) resistance near $0.0000012 before downside corrections pare gains.

But, if the consolidation phase results in a breakdown, the PEPE token price might drop to the support near $0.00000079. Failure of immediate support could push Pepecoin price to the support level near $0.00000063 before recovering.