‘Bad Actors’: Last PepeCoin Founder Claims PEPE Could Still Thrive

In this article, we explore the last founder’s perspective on the potential for PepeCoin to thrive despite recent controversies surrounding “bad actors.” Find out more about the ongoing development of PEPE and its prospects for the future.

Title 1: The Rugging of PepeCoin: A Tale of Betrayal and Loss in the 2023 Bear Market
Title 2: The Aftermath of the PEPE Token Dump: Will the Project Survive?

PepeCoin, one of the most popular memecoins in the crypto market, recently fell victim to a rug pull during the bear market of 2023. The incident involved the unauthorized sale of a staggering 16 trillion PEPE tokens, equivalent to approximately $16 million, on centralized exchanges such as Binance, Bybit, KuCoin, and OKX.

The repercussions were severe, as PepeCoin’s market capitalization plummeted by 26%, hitting a low of $315.72 million. However, it did manage to recover slightly, reaching $342 million at the time of writing. This sudden and substantial dump of tokens left investors in shock and raised questions about the integrity of the project.

After two days of silence, the project’s last remaining founder came forward on Twitter with a lengthy post of apology. According to the founder, the rug pull was orchestrated by three ex-team members who unexpectedly returned and executed the unauthorized token sales. These team members also removed themselves from the project’s multi-signature (multisig) wallet, leaving the founder to deal with the aftermath.

Multisig wallets are designed to enhance security by requiring multiple signatures to complete transactions. Tragically, in this case, the multisig functionality was exploited by the rogue team members to execute the token dump without the founder’s knowledge.

The anonymous rogue team members transferred approximately 60% of all PEPE tokens, while the remaining 10 trillion tokens, valued at $8.76 million, are claimed to be in safe hands. The founder, determined to continue the project despite the setback, plans to fully decentralize the project by burning the remaining tokens under the project’s control.

While this incident is undoubtedly a setback for PepeCoin, the founder assures the community that the project will move forward. It was acknowledged that the project faced internal strife caused by team members driven by personal gain rather than the project’s success. The founder expressed relief that the project is now free of this baggage and can proceed without hindrance.

To demonstrate its commitment to the community and rebuild trust, PepeCoin has transferred all remaining tokens to a new wallet address. This action aims to assure investors that the project is taking steps to prevent any further unauthorized actions.

The rug pull incident involving PepeCoin is not an isolated case in the crypto space. Other projects, like Axie Infinity, have also fallen victim to multisig exploits, leading to significant financial losses. Despite the security offered by multisig wallets, the risk of illicit activities remains, highlighting the ongoing challenges faced by crypto projects.

PepeCoin’s journey has been eventful since its introduction to the market in May, when it gained popularity during the memecoin trading frenzy. The project quickly rose to the top 100 tokens by market cap and secured listings on major exchanges like Binance and Coinbase. However, controversies surrounding the project, including controversial statements made by Coinbase, have added to its turbulent history.

As PepeCoin strives to recover from this rug pull and reestablish itself as a reliable and secure project, the future remains uncertain. The founder’s determination to decentralize the project and regain investor confidence will be critical in determining whether PepeCoin can rise from the ashes and regain its former glory.

In conclusion, the rug pull incident involving PepeCoin highlights the vulnerabilities that exist within the crypto market. It serves as a reminder for investors to exercise caution and conduct thorough due diligence before investing in any project. As for PepeCoin, only time will tell if it can overcome this setback and restore trust in its community.

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