PEPE's $16M Nightmare: Ex-Team Under Fire

[$crypto$]

Have you heard this news before one of the founders escaped by stealing a lot of PEPE tokens. Damn this will be a lot of drama.

There is another rumor that about PEPE that the founder of FTX-SBF helped set up PEPE.

Source
https://twitter.com/WhaleChart/status/1695176511320371518
https://twitter.com/Nebraskangooner/status/1694849312335749609

More and more attributed.

There's a lot of FUD about PEPE but I'm amazed that the price didn't really go down significantly. Maybe the founders haven't really sold the stolen funds.

If this news are true, I'm really expecting it to be honest since there's a lot of red flags about pepe even if it's a meme coin, sooner or later they will do an exit scam knowing that all of the project team members and the developers are anonymous. This is why I don't really like memecoins/shitcoin since it there's a lot of way that developers can leave the project or abandon it.

It's still in the rumor stage so it's not necessarily that they're doing it, it's just that there are indications as said in the media news that one of the founders left and fled with the tokens, maybe they sold in stages.

Maybe? But they have a strong community as fans of this meme coin can't get out anytime soon but anything can happen if one of them has a dispute.
This is a very risky meme coin we consider this meme coin as gambling, but I don't buy this token.

[irsykes]

Something that is unexpected for the Pepe team, if one of them runs away with the Pepe tokens, it could be a big loss of Pepe tokens. although not now what happens could be a good time to sell. Rumors that SBF helped could possibly be because SBF still doesn't like CZ with various tricks to destroy CZ, but it's not easy.

[Yudhisthir]

Three former members of the PEPE community are alleged to have stolen $16 million worth of PEPE tokens from the project's multisig wallet and transferred control to the only remaining member.

The anonymous founding member clarified the situation, explaining that the ex-team members stole the funds and abandoned the project, leaving control in the hands of the remaining member. The stolen funds were sent to exchanges for selling, while the remaining member and the remaining 10 trillion PEPE tokens are secured.

The remaining member is now focused on moving forward in the best interest of the PEPE community. This is what happens when you trust anonymous frogs with your money.

Source: https://cointelegraph.com/news/rogue-pepecoin-team-members-blamed-for-pepe-multsig-withdrawal

The news has been confirmed by the remaining team member so there's no doubt it did occur..
This news though unfortunate for PEPE holders as price came falling down is favorable for someone like me who feels like missed out of the PEPE jump. This is a good time to buy in Pepe if you have the money. I being invested heavily on other projects already, took out some of my spare coins and bought a good amount of PEPE for the first time, just today. Pepe would certainly recover from the current situation.

[yhiaali3]

This is what happens when you trust anonymous frogs with your money.

Yes, this is what always happens, not only with frogs but with every shitcoin, they pump the coin so much that investors salivate, then they pull the rug out and leave them with their sorrows.

This will not be the first or last incident and these people never learn their lessons.

[Best-mary]

I read this news few days ago but what I'm not clear about is when this issue came to life, Pepe had a big rise. When money is stolen shouldn't cause a fall? Rather it rose like nothing was touched

[eaLiTy]

~
Three former members of the PEPE community are alleged to have stolen $16 million worth of PEPE tokens from the project's multisig wallet and transferred control to the only remaining member.

It is astonishing to see that people are willing to risk money even when their developers are anonymous and these faceless people were able to create the hype with the help of social media and it is not surprising that they are leaving with money and they did not even have the patience to wait for the next rally as they are not even confident that it would last that long .

[Huppercase]

Three former members of the PEPE community are alleged to have stolen $16 million worth of PEPE tokens from the project's multisig wallet and transferred control to the only remaining member.

The anonymous founding member clarified the situation, explaining that the ex-team members stole the funds and abandoned the project, leaving control in the hands of the remaining member. The stolen funds were sent to exchanges for selling, while the remaining member and the remaining 10 trillion PEPE tokens are secured.

The remaining member is now focused on moving forward in the best interest of the PEPE community. This is what happens when you trust anonymous frogs with your money.

Source: https://cointelegraph.com/news/rogue-pepecoin-team-members-blamed-for-pepe-multsig-withdrawal

Another story but this is nothing new in altcoins, you see team brings idea to the public only for them to change along the line because of disagreement but it doesn't make sense to dump a part of your share into the market, even if the teams doesn't align with your judgement, that shouldn't spark their pride to dump everything on the market to hurt the masses that are only after the norm of profits.

Anytime they say defi this and that, I don't believe those story because they have not sell doesn't mean they are commited to building the project and that is the problem of altcoins. When you invest in altcoins, these are part of the stories that happen along the line and it's the investors that used that do feel the heat from this project but, they know the reality of them, so I don't think they are bothered about these, I mean the diamond hands that invest beyond the drama team if the remaining teams are committed to the development.

[JeffBrad12]

this is why you should never invest in some random shit projects, you just don't know at what extent they gonna scams you eventually.
there are so many projects out there that have better returns also more legit but some people are so eager to invest in meme coin so this is the after math.
i would expect the coin to go down from here, after all, that just simply means this coin being developed by some random scammers, but it still fascinates me the fact that
the current price of pepe is still holding up pretty well I guess most of pepe investors out there just doesn't care, so long they could speculate.

[Quidat]

Three former members of the PEPE community are alleged to have stolen $16 million worth of PEPE tokens from the project's multisig wallet and transferred control to the only remaining member.

The anonymous founding member clarified the situation, explaining that the ex-team members stole the funds and abandoned the project, leaving control in the hands of the remaining member. The stolen funds were sent to exchanges for selling, while the remaining member and the remaining 10 trillion PEPE tokens are secured.

The remaining member is now focused on moving forward in the best interest of the PEPE community. This is what happens when you trust anonymous frogs with your money.

Source: https://cointelegraph.com/news/rogue-pepecoin-team-members-blamed-for-pepe-multsig-withdrawal

Another story but this is nothing new in altcoins, you see team brings idea to the public only for them to change along the line because of disagreement but it doesn't make sense to dump a part of your share into the market, even if the teams doesn't align with your judgement, that shouldn't spark their pride to dump everything on the market to hurt the masses that are only after the norm of profits.

Anytime they say defi this and that, I don't believe those story because they have not sell doesn't mean they are commited to building the project and that is the problem of altcoins. When you invest in altcoins, these are part of the stories that happen along the line and it's the investors that used that do feel the heat from this project but, they know the reality of them, so I don't think they are bothered about these, I mean the diamond hands that invest beyond the drama team if the remaining teams are committed to the development.

Expect with those tons of promises and projects about their support and willingness to mold the project for good or better but just like you said that this had been so typical on which it did really come into a point that you would be already that numb on whatever these new project owners would be saying. Situations like this about sell-offs of some team members then its not really that shocking anymore. They've been common since there would really be those people who do really get blinded when it comes on facing up multi-millions. Issues like this is never been something new
and these type of news could neither be making such huge impact on the project value or not, it would really be entirely be depending whether the said amount is a big percentage in overall liquidity
or not but if its not then it wont really be that much of an issue but if it does the expect that there would be lots of criticisms and would really be a huge issue that would be raised up.
So far it didnt drop that much and soon it would really be having that recovery but it would really be entirely be depending on the market  demand.

[bluebit25]

They are having unexpected problems, and this is also one of the stories that teaches us a lesson about uncensored memecoins that are only fueled by hype, and when researched again, discovered problem appears. Right from the moment it first appeared and was pumped continuously, I always felt it was too fast, and this was an extremely dangerous pump/dump manipulation for those who bought after. I have also heard about a lot of other issues, but not too important because memecoin is only a small part of the market, even if it does not exist, the developers will again launch products and apply formula to strengthen it.

[el kaka22]

Is this really surprising to anyone? Did anyone really considered Pepe anything but a way of making money by the owners? I mean that team created Pepe just for this purpose, lets not call it stealing that money, they did not steal anything, it was open since the start that they wanted to make money by creating this project and they did exactly that.

If someone creates something to make money, then they make money and then they take that money and use that as their profit from creating it, would you call them a scammer? Maybe some people "believed" that the team would use that money for the project, but they were really just fooling themselves, it was obvious from the first moment that it would not be possible.

[Silberman]

from the beginning they were planning to steal customers’ money, they spent a lot of money in advertising and advertising, it is time to make profits and start new scam altcoin investments, and even the only remaining developers are there to revive the project when the price of Bitcoin rises and to make easy profits.
What will happen is that PEPE will turn into a dead currency until the market boom date comes when the last pump will happen before the project ends.
Investing in projects that offer nothing but extensive publicity and promotion is support for these scammers.

I agree, this is not an example of the developers suddenly turning rogue and stealing money, this is an example of a bunch of scammers that from the very beginning had the intention of stealing all the money they could and were simply waiting for the best time to do this, and they realized it was unlikely PEPE will survive until the next bull run and get them more profits so they decided to pull the plug and get their profits now, and it would not surprise me if the remaining developer is already thinking on the best way to get their money too and finally abandon this useless meme coin.

[Raflesia]

Haha I'm not too surprised by this because sooner or later it's bound to happen where a coin like this has problems and crashes for a set amount of time.
As for the remaining members with the pretext of focusing on improving the community, it could be that this is just a kind of excuse so that there is a new trust where he is also preparing to do the same thing.
It should be noted that things like this are too mainstream for a meme project which in the end the conditions remain the same when the token makers or those who have an interest have benefited then they will leave with the profits and create a new meme hype.

[sokani]

The news has been confirmed by the remaining team member so there's no doubt it did occur..
This news though unfortunate for PEPE holders as price came falling down is favorable for someone like me who feels like missed out of the PEPE jump. This is a good time to buy in Pepe if you have the money. I being invested heavily on other projects already, took out some of my spare coins and bought a good amount of PEPE for the first time, just today. Pepe would certainly recover from the current situation.

Whenever something like this happens, fear drives in, people panic and they begin to sell their tokens. If the team are not able to pull it back, it might just be the end of the green frog token. About investing in the PEPE token, do you think it's the right thing to do based on the uncertainty behind the token?  We don't know if the press release is the true story, you're so confident about it bouncing back but what if it doesn't?

[yazher]

This is sad because they were a team but what can you do when the other people don't have the same mindsets, especially the same goals as you.

Those people remained hoping they would be loyal and would help each other to improve their project to the point it could keep up with their competitors in the crypto market. This is a big lesson for all of them because when money is involved, only a few will stay loyal and remain.

[LogitechMouse]

~

"anonymous founding member"
That bolded text alone is enough already to say that this will turn out to be a scam coin. Add also the fact that it's a meme coin, and we know the reputation that meme coins have in the crypto space. Meme coins has a high chance of getting abandoned, or it be a rug pull. Same happened with PEPE.

I mean just looking at their website alone, and seeing the team members as anonymous is enough for an intelligent investor to stay away from investing to this project. How can these investors trust a group of anonymous members? How can they throw such money, and hoping that in 1-2 years or even more, they will get profit.

Unfortunately, they don't know who they will be suing because they're "anonymous". Maybe one of the team members, and one investor are just neighbors? Maybe one team member and a few investors are just like a few blocks away. Nothing new when it comes to altcoins specially with meme coins. Well, investors will only learn if they experienced it. Hope they will learn from this if they lose money.

[adaseb]

I think this was a good project when it started to explode on twitter but buying it recently it’s just way too risky. I think it ran its course and most likely will go nowhere. Especially since other legit projects can’t rally then what hope is there for this meme coin.

When it comes to meme coins you need to get in early and get out quick when it stalls you don’t hold it becuase it’ll become worth one day. These aren’t tokens you should be going all in on because it’ll lose it hype one day and disappear.

[o48o]

This is sad because they were a team but what can you do when the other people don't have the same mindsets, especially the same goals as you.

Those people remained hoping they would be loyal and would help each other to improve their project to the point it could keep up with their competitors in the crypto market. This is a big lesson for all of them because when money is involved, only a few will stay loyal and remain.

Well i am not sure what sort of mindset you are talking about, but i am certain that 99.9% of the holders were looking to get rich with it. So in that sense they had same mind set. Only difference between most of the investors and these guys is the fact that they had an opportunity to do this, and i am guessing most of the investors would take same opportunity in a heart beat. Crypto scene isn't a community full of altruists, but more of a community full of opportunists.

Leaving an altcoin and selling secretly premined coins was a common scam, when we still had coins and not tokens, and this sort of thing was happening all the time. Devs were pseudonymous and left the project when they had their share of money.

Now that it's happening in a whole different scale i am surprised that it isn't happening more as the amount of money should lure in lots of talented hustlers and scammers. Also i am uncertain if this even illegal as they never even pretended this to be anything else than a meme token.

[jostorres]

Three former members of the PEPE community are alleged to have stolen $16 million worth of PEPE tokens from the project's multisig wallet and transferred control to the only remaining member.

The anonymous founding member clarified the situation, explaining that the ex-team members stole the funds and abandoned the project, leaving control in the hands of the remaining member. The stolen funds were sent to exchanges for selling, while the remaining member and the remaining 10 trillion PEPE tokens are secured.

The remaining member is now focused on moving forward in the best interest of the PEPE community. This is what happens when you trust anonymous frogs with your money.

I always say that memecoins are not recommended opportunities for investment since they are all about the hype and they don't have any genuine teams or have anything useful to offer the community, and problems like these are always expected for projects that have anonymous teams behind them, and who knows, there might only be one person who is fooling the community by transferring and selling the tokens himself and saying it was the team members who did this.

Meme coins are only good when they are being hyped and you buy them and sell them as soon as possible for just some profit, if you keep holding on to your tokens thinking that they are a lot of tokens and you will earn a lot of money if the value of the coin goes up then you will end up losing instead of getting anything.

[Dave1]

I think this was a good project when it started to explode on twitter but buying it recently it’s just way too risky. I think it ran its course and most likely will go nowhere. Especially since other legit projects can’t rally then what hope is there for this meme coin.

Yes, that's how it was in the beginning, there was a lot of hype and really exploded very quickly. However, when the price really goes up, that's where you know that something is not right with this project.

And now it was obvious, the ex-team and whoever is in the beginning of this project, might not thought that it will reach a fever pitch. But then, he thinks he need to take something out of it and so this happens. The bad thing is that it was the investors who are affected by it. Another lessons for those who loves to hunt meme coin, get out early while you can.