Rogue Pepecoin Team Members Blamed for $16M PEPE Multisig Withdrawal

In an announcement to the PEPE community, it was claimed that three former members stole project funds and then ceded full control to the only remaining member.

The circumstances behind the mysterious $16 million withdrawal from Project Pepecoin (PEPE) multisig wallet have apparently been revealed, with the finger being pointed at three former team members who went rogue.

On August 24, the price of PEPE plunged by around 15% on fears of a possible fall after the community noticed that $16 million of PEPE had been withdrawn from the Pepe multisig wallet and sent to several scholarships.

1/4

1 hour ago, multisig wallet Pepe changed the number of signatures required on its multisig from 5/8 to 2/8. This comes after sending $15.7 million worth of $PEPE to exchanges.

An overview of what we know: pic.twitter.com/bxBxp6Nzqz

To clarify the matter in an August 25 post on X (Twitter), one of the anonymous founding members of Pepecoin provided a community announcement from the @pepecoineth account, detailing what he claims to have been. past.

According to the statement, three team members abruptly stole the funds from the multisig, then abandoned the project altogether, leaving it under the sole remaining member's complete control.

"Multi-signature has been configured to require 3/4 signatories for approval. Yesterday, these 3 ex-team members...