A founding member of PEPE’s development team has released a statement blaming co-developers for dumping tokens held in a team multi-signature wallet.

After the price of PEPE fell by as much as 20% between August 24 and 25, @pepecoineth apologized for the incident and announced measures intended to restore confidence in the embattled meme coin.

‘Big Egos and Greed’ to Blame for Multi-Sig Token Dump

The recent PEPE price crash was triggered by transactions originating from a wallet controlled by the token’s development team. 

Previously, the wallet held 6.9% of the total supply of PEPE. However, on Thursday, the wallet transferred around 16 trillion tokens to crypto exchanges. Shortly after, some team members appear to have changed the threshold for the number of signatures needed to control the wallet from 5/8 to 2/8.

In a post on X (Twitter), PEPE developer @pepecoineth blamed rogue team members for the recent incident.

According to @pepecoineth, the PEPE team consisted of four developers. However, three of the founding members have

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Author: James Morales

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