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    $PEPE transfers spark fear, prompt token plunge

    By ApeSpaceAugust 25, 2023
    A green Pepe the Frog illustration

    Holders of the $PEPE memecoin sold en masse after the PEPE multisig wallet transferred more than 16 trillion $PEPE (~$16.9 million) to crypto exchanges. Although the multisig previously required five of eight signatories to approve transactions, just before the massive transfer, the multisig was changed to require only two of eight signatures — a much lower level of security.

    The transfers and change to the multisig sparked fears that the project was rug pulling, or had been hacked. This led to a massive $PEPE sell-off, with the token plunging around 17%. As of 24 hours after the incident, the PEPE team had not addressed the movement of funds.


    • “PEPE Plummets 17% as Team Transfers Millions to Exchanges”
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