Pepe Scam, Shibarium Live, and Bitgert P2P Exchange: Crypto Coin Roundabout

livemint.com:

$PEPE cryptocurrency community has been hit by a carefully planned move that resulted in a significant amount of Pepe’s tokens being transferred to CEX. Pepe team has revealed vulnerabilities in a method called multi-signature transfers. The problem comes from the multi-signature wallets used by $PEPE to ensure safe token transfers.

However, some people within Pepe’s founding team misused this system. Three of the four Pepe’s founding members are responsible for a clever scheme that allowed them to take a shocking 60% of the total token value – around $15 million USD. First, the three involved Pepe founding members agreed to the transfers, making the Pepe Coin’s movement possible.

Then, the obtained Pepe tokens were sent to different cryptocurrency exchanges. Pepe Coins were sent to well-known exchanges like Binance, Kucoin, OKX, and Bybit. This made it hard to trace the origin of the Pepe funds and prepared the Pepe tokens for sale on the open market.

The last person from Pepe’s founding team who had access to the multi-signature wallets had an unusually high level of control. They only needed the agreement of two out of eight signatures, giving them complete authority over the remaining 10 trillion tokens. The $PEPE community, still trying to understand what happened, received an official announcement describing the surprising events.

The massive Pepe token transfers occurred on August 24th, 2023, leaving the Pepe community shocked and upset by the extent of the breach. The Pepe Coin fell by 26% after the market hit the news and Pepe is still struggling to recover. Shiba Inu is a decentralized cryptocurrency that has gained popularity as a meme coin and a rival to Dogecoin.