Share this article
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.
Updated Aug 25, 2023, 6:01 p.m. Published Aug 24, 2023, 9:31 p.m.
Make us preferred on Google
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 BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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?
— 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 – keeper of much of the token's supply – 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.
More For You
More For You
Bitcoin, ether rise as altcoins lag in low-volatility trade
Bitcoin and ether tick higher, but weak altcoin breadth, heavy liquidations and elevated options hedging suggest traders remain cautious.
需要了解的:
- BTC trades near $67,000 and ETH near $1,970, with volatility fading after Feb. 5’s selloff.
- Derivatives show stabilization, with open interest at $15.38 billion and funding positive
- Elevated short-term implied volatility signals caution.
- $218 million in liquidations and 97 of top 100 tokens in the red underscore fragile sentiment.
Top Stories
