Closing week, thousands and thousands of bucks price of the PEPE memecoin turned into provided on several crypto exchanges, sending the be aware of the token down on the sphere of 20% and spooking patrons.

An X (previously Twitter) announcement from the project’s decent story published that 16 trillion PEPE, price round $15 million, turned into sent to more than one centralized exchanges via a sequence of “unexpected transfers.”

One amongst the project’s developers published that tokens had been stolen from the multisig pockets, which required 3/4 signers to approve transactions.

“The day gone by these 3 ex-crew contributors got here relief on the help of my relief, logged onto the multi-sig, stole 16 Trillion/ 60% of the 26 trillion multi-sig tokens, and sent them to exchanges to sale,” mentioned the PEPE developer.

These outdated crew contributors then allegedly removed themselves as signers from the pockets and deleted their social media accounts.

“At this point, it appears that virtually all/all of the tokens stolen from the multi-sig yesterday had been rapid provided on OKX and Binance. The final 10 trillion tokens left within the multi-sig will be transferred out of the dilapidated multi-sig and precise into a unique pockets the set they’ll safely rest except a exercise or burn arises,” mentioned the developer.

Within the intervening time, on-chain analysts traced the funds sent to centralized exchanges, and chanced on that $6.5 million had been sent to Binance, $8.2 million to OKX, $434,000 to Bybit and $389,000 to any other address. The tokens transferred to the exchanges amount to round 3.8% of PEPE’s circulating provide.

No longer each person bought into the PEPE developer’s myth accusing the outdated crew contributors of orchestrating the theft, with some suggesting that the nameless developer might perhaps perchance also like had more than one accounts in which he implemented the blueprint.

Particularly, market contributors poked holes with the developer’s claims that supreme one signer to the multisig pockets remained, when if reality be told, the brink turned into up up to now to 2/8 signers.

PEPE is trading 2.3% higher over the final 24 hours, with a market cap of $350 million. At its height, the memecoin had a market cap of $1.65 billion.