Weird PEPE Transfers Spook Investors and Prompt 12% Plunge

On-chain sleuths noted troubling changes to the oversight of a key wallet.

Any reason why the PEPE multisig wallet changed the threshold to just 2/8 signatures? Seems weird, this isn’t standard right?

Also, seems that some has been sent to exchanges pic.twitter.com/1DVZIOvef8

— CryptoNoddy (@Crypto_Noddy) August 24, 2023

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.

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PEPE fell about 12% as the actions came to light.

Edited by Nick Baker.