A cryptocurrency whale has made an unexpected move, dumping a huge 1.5 trillion tokens of the meme-inspired cryptocurrency $PEPE on the major cryptocurrency exchange Binance. This transaction, worth about $1.2 million, ended with a net loss of $242,000, shocking the crypto world.
Lookonchain, a Bitcoin analytics startup, has provided significant insights into this exciting phenomenon. According to their information, the whale completed this huge trade in three transactions. What’s more intriguing is that the whale initially put these tokens into their wallet on August 24, following a withdrawal of 1.5 trillion $PEPE from the OKX exchange, worth $1.45 million.
However, this is the latest in many noteworthy events in the $PEPE community. The PEPE team created headlines just a few days before this whale’s antics by divesting 16 trillion $PEPE tokens. This move caused shockwaves through the cryptocurrency community, as it was revealed that these tokens were purportedly stolen and then sold on multiple cryptocurrency platforms.
On August 26, the official $PEPE token account released a key disclosure, revealing that a series of illicit transactions had been initiated from the $PEPE multisig CEX Wallet. These operations caused the 16 trillion tokens to be transferred to multiple exchanges, sparking criticism.
The announcement shed light on the internal strife that has bedeviled $PEPE since its establishment in April 2023. The statement blamed a section inside the team, motivated by “big egos and greed,” for blocking the project’s progress. These individuals were found to be responsible for the unlawful transactions and, as a result, withdrew from the multi-sig wallet, disappearing from social media.
In a show of remorse and accountability, the person behind the official X account apologized to the community for the upheaval and financial losses caused by these acts. They informed the community that the remaining 10 trillion tokens in the multi-sig wallet are now secure and in the hands of competent individuals.
The Bitcoin environment constantly changes, with sudden and unexpected occurrences frequently taking center stage. The recent acts of the $PEPE whale and internal friction inside the project have generated waves that will be felt for some time in the crypto community. These events will surely shape the future of $PEPE and other cryptocurrencies as they navigate the tumultuous waters of the digital financial world.
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