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Published Aug 26, 2023 01:31AM ET Updated Aug 27, 2023 03:20AM ET

Rogue Pepecoin team members blamed for $16M PEPE multsig withdrawal © Reuters.

The circumstances behind the mysterious $16 million withdrawal from the Pepecoin (PEPE) project’s multisig wallet have seemingly been revealed, with the finger pointed at three rogue ex-team members.

On Aug. 24, the price of PEPE plunged by roughly 15% amid fears of a potential rug pull after the community spotted that $16 million worth of PEPE was withdrawn from the Pepe multisig wallet and sent to several exchanges.

Comments on the Pepecoin announcement. Source: X

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Rogue Pepecoin team members blamed for $16M PEPE multsig withdrawal

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