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Weird PEPE Transfers Spook Crypto Investors and Prompt Meme Coin's 15% Plunge
On-chain sleuths noted troubling changes to the oversight of a key wallet.
Millions of dollars worth of the PEPE meme coin flooded crypto exchanges Thursday, spooking investors who drove its price down and drawing attention to spooky action in the project's multisig, among the single-largest holders of the joke cryptocurrency.
Over 16 trillion tokens flowed out of the PEPE multisig wallet midday Thursday on its way to addresses associated with Binance, OXK, and Bybit. That action came shortly after on-chain sleuths noted troubling changes to the oversight of how that vault-like wallet handles transaction approvals.
Story continues
Instead of requiring five of eight wallets to sign off on transactions, it had changed to only two out of eight.
Any reason why the PEPE multisig wallet changed the threshold to just 2/8 signatures? Seems weird, this isn't standard right?
ā CryptoNoddy (@Crypto_Noddy) August 24, 2023
Also, seems that some has been sent to exchanges pic.twitter.com/1DVZIOvef8
The highly unusual action represented the first time the project's all-important multisig ā keeper of much of the token's supply ā has ever sent out the meme coin.
PEPE's price plunged after the actions came to light, down 15% as of press time.
UPDATE (Aug. 24, 2023, 23:44 UTC): Updates PEPE's percentage decline.
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
