Pepe theft was an inside job: their own team stole the cryptocurrency

Pepecoin (PEPE) was the sensation of last spring. With an absurd price increase, the frog coin carefully recalled scenes from its predecessor bull run. Meanwhile, the hype seems to be over and Pepecoin is teetering on all sides. Rumors of a giant PEPE heist have surfaced, and it appears to be one inside job go.

Pepe crypto theft: inside job

Three Pepecoin team members apparently stole a large amount of PEPE. It’s a total of $16 million in PEPE. This was quickly noticed by observant Pepecoin owners. PEPE’s share price fell rapidly by almost 20 percent on fears of a possible crash withdraw.

Jeremy “Pauly” Cahen is a Pepecoin promoter and crypto influencer. He suggested as one of the first to “steal” members of the Pepecoin team. On Saturday, he shared that 16 million PEPE was taken from a Pepe team’s wallet and then split between nine wallets. Large amounts of it were sent to various exchanges.

Then the PEPE team members would open short positions to benefit from the expected decline. That is insider tradingor insider trading. According to on-chain analyst Yazan 400 billion PEPE have already been sold. He also calls on the exchanges that received PEPE from the thieves to take action to get rid of the three former Pepecoin team members. These are the Binance, OKX, Bybit and Kucoin exchanges.

Statement by Pepecoin

The remaining Pepecoin team, consisting of one person, has up to X a statement brought outside. He states that he was scammed by the three team members and that they have thwarted the development of Pepecoin since day one. He believes the team members “had big egos and were too greedy.”

“I am shocked by what has happened and I want to apologize for all the fear, uncertainty and loss that the actions of the perpetrators have caused among members of our community.”

Thus the remaining Pepecoin team. It is major drama and once again shows the risk of crypto and above all memecoins. The damage appears to be limited for now, but it remains to be seen how the situation will develop over the next few days.

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