The cryptocurrency community is abuzz with the word “Pepe,” but not for reasons one would expect. The PepeCoin project is currently embroiled in a major scandal involving the alleged theft of $16 million from its multi-signature wallet.
Three former team members are at the center of this controversy, accused of transferring the stolen funds to various exchanges. The incident has led to a staggering 20% drop in the value of PepeCoin, shaking investor confidence.
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As a damage control measure, the PepeCoin team has announced that the remaining tokens in the affected wallet will be burned after accounting for necessary expenses and charitable donations.
However, this hasn’t stopped the market from reacting negatively. Insider trading allegations have also surfaced, casting a darker shadow over the project. Large volumes of PEPE tokens were reportedly sold off, raising questions about the integrity of those involved.
A Controversial Take from a Top Analyst
K A L E O, a top crypto analyst on Twitter with almost 600k followers, weighed in on the situation with a rather controversial opinion.
@CryptoKaleo: “At this point, I hope $PEPE completely collapses. While a community has developed independently of the founders, the fact remains that as long as the coin survives and does well, the founders continue to benefit. And they don’t deserve to.”
K A L E O further stated that he has no plans to invest in PepeCoin in the future, despite his fondness for the meme that inspired the coin.
“Whether it resurrects or not, I’m not touching it. I still love the meme and will continue to use it as I did before the coin ever existed. But I refuse to support a project still controlled by such shady and greedy individuals.”
Despite the tumultuous events, the remaining founder of PepeCoin remains optimistic, believing that the project can still thrive. However, the community is divided, and the road to recovery appears to be a long one.
You can review our PEPE price prediction here.
The PepeCoin scandal serves as a cautionary tale for the crypto community, highlighting the risks and vulnerabilities that come with decentralized finance. As the story continues to unfold, it remains to be seen whether PepeCoin will rise from the ashes or become another footnote in the annals of crypto failures.
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