The PEPE token team has stepped forward to shed light on a series of bizarre wallet transactions that had market watchers buzzing with speculation.
In a statement communicated via X on Jan. 26, the meme coin’s current leadership separated itself from these activities, suggesting involvement by “nefarious” former team members.
This response from PEPE springs from a need to address the swelling uncertainties following notable transactions in the meme coin’s deployer wallet. Market participants were left in the dark about the specifics of these transactions, but the team’s swift denial of any current affiliation points to a complex backstory involving erstwhile associates.
The team also clarified that neither these activities nor any future transactions of a similar nature are linked to the current team.
Suspicions cast on former team members hark back to an incident in August 2023, where rogue developers misdirected funds from the project’s multi-signature wallet, stealing 16 trillion PEPE coins, a loot valued at nearly $16 million at the time, funneled into several crypto exchanges.
The spotlight has turned towards individuals like Eric Wallace—known under various monikers—and the Frick brothers, Brandon and Chris, who were allegedly behind the heist.
In the wake of the theft, PEPE’s management took decisive action. They re-secured the remaining 10 trillion tokens, engaging in a calculated burn of 6.9 trillion tokens from this cache, and welcomed onboard new advisors tasked with reinforcing the project’s credibility.
Walking on the tightrope of regaining investor confidence and charting a course forward after the scandal, PEPE is navigating through trying times, taking strides to utilize the remaining 3.79 trillion tokens judiciously for forging strategic ties and amplifying its market position.