PEPE Tanks 16% After Suspicious Transfers And Multisig Wallet Modification
PEPE has lost more than 16% of its value following a suspicious outflow of funds. The threshold of keys for the project’s multi-signature wallet was reduced to two signatures. PEPE tokens worth more than $15 million have since been transferred to centralized crypto exchanges. The meme token’s price has tumbled to a two-month low of $0.0000009173.
A series of suspicious transfers and internal modifications have led to a double-digit decline in the price of PEPE. Investors of the popular meme token were spooked earlier today after the crypto community on X (formerly Twitter) highlighted a major modification to the project’s multi-signature wallet. The suspicions were made worse by transfers of millions of dollars worth of the meme token to at least three crypto exchanges.
PEPE Multisig Wallet Threshold Reduced To 2 Signatures
Digital asset research firm ASXN reported earlier today that the PEPE tokens worth more than $15 million were sent to centralized crypto exchanges, including Binance ($6.5 million), OKX ($8.2 million), and Bybit ($434,000). Another $389,000 worth of the meme tokens were sent to a separate address.
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
In a major modification to the memecoin project’s multisig wallet, the threshold of keys was reduced from 5/8 signatures to just 2/8 signatures. This essentially meant that two out of eight signatories could approve transactions for the project. The multisig wallet initially received the funds from Binance, which were subsequently transferred to the above-mentioned exchanges. The multisig reportedly has $10.4 million worth of PEPE remaining.
The sudden changes to the project’s multisig wallet paired with the suspicious token transfers caused considerable panic among PEPE investors, leading to a 16.3% decline in the meme token’s price. At the time of writing, the token was trading at a two-month low of $0.0000009173. Additionally, the meme token’s daily trading volume surged by 110% to over $174 million. Data from Coinglass showed that more than $1.25 million worth of PEPE positions were liquidated over the past 24 hours.
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