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On Thursday, crypto exchanges were inundated with PEPE meme coins valued at millions of dollars, causing alarm among investors. This sudden influx led to a decrease in its price and highlighted peculiar activities within the project's multisig wallet, which happens to be one of the major holders of this humorous cryptocurrency.
More than 16 trillion tokens were transferred from the PEPE multisig wallet on Thursday afternoon. These tokens were sent to addresses linked with Binance, OXK, and Bybit. This movement followed closely after blockchain investigators identified concerning modifications in the governance of transaction approvals for the wallet, which functions similar to a vault.
Rather than necessitating the agreement of five out of eight wallets for transaction authorization, the requirement had been revised to just two out of eight.
This remarkably uncommon occurrence marked the inaugural instance in which the project's pivotal multisig – entrusted with a significant portion of the token's supply – has issued the meme coin.
PEPE's price took a sharp nosedive after the revelations came to the forefront, plummeting by 15% as of the current press time.