Pepe Coin’s Team Reeling Under Internal Conflict, Financial Drama Unfolds

The Pepecoin ecosystem has been going through turbulent times since last week, with social media speculation that the project is a massive scam. A Pepe developer claims that three members of the memecoin development team “behaved” last week, making large transfers outside of Pepe’s multisig wallet for malicious motives. Since the development team behind Memecoin has remained anonymous, no responsible parties have been named in the public domain.

“Unfortunately, $PEPE has been plagued by internal conflict, with a section of the team being bad actors led by arrogance and greed,” the unnamed developer who claims to control the project has now posted in an explanatory note. The remarks were made in a tweet.

The developer revealed more details, saying three former members of the Pepe development team stole 16 trillion tokens, or 60 percent of the 26 trillion tokens, from its multisig wallet and sold them to the center chemical exchange.

“then they removed themselves from the multisig, tried to exonerate any association with $PEPE, deleted all their social accounts, and just left me a message saying “multisig has been updated, you now have full control”, ’ the tweet added.

Without disclosing the extent of the loss to the Pepe community or any plans to compensate victims, the anonymous developer did say that most or all of the tokens stolen from Pepe’s multi-signature wallet were quickly found on OKX and Binance. on sale.

Currently, the remaining 10 trillion tokens in multi-signature wallets are overseen by trusted project loyalists, the developers claim.

While some praised Pepe’s team for their transparency after the tweet, others commented below the post saying they are now concerned about the project.

The value of Pepe has dropped by 15% in the last week and is currently trading at $0.0000008727 (roughly Rs 0.000072). Not only was the setup of Pepe’s multi-signature wallet changed, but 16 trillion Pepe tokens worth $15 million (roughly Rs. 1.23 crore) were moved from Pepe’s multi-signature wallet to four centralized exchanges.

These factors have created a climate of FUD — fear, uncertainty, and doubt — among Pepe community members, many of whom suspect that the entire Pepe project is a hoax.

Currently, there are over 391 trillion Pepe tokens in circulation out of its pre-determined total supply of over 420 trillion tokens.