<div class="sg-post-des">
 On-chain analyst Yazan reports insider selling of PEPE holdings, with around 400 billion PEPE sold, aligning with Pauly’s team exposure. 
</div>
<div class="cointelegraph">
 Former Pepecoin (PEPE) promoter turned crypto influencer Jeremy “Pauly” Cahen has leveled insider <a rel="dofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> allegations against the Pepecoin team following the reported <a rel="dofollow" title="theft" href="https://thebittimes.com/tag/theft.html">theft</a> of around 16 trillion PEPE tokens. Pauly is now exposing team members’ identities, divulging their wallet activities. On-chain analysts also point to significant Pepecoin transactions involving insiders.
 In an Aug. 26 update, Pauly disclosed that the Pepecoin team possesses approximately $16–17 million in PEPE tokens distributed across nine wallets. Surprisingly, the insiders refrained from selling the holdings. Instead, they strategically offloaded PEPE from a centralized exchange (CEX) wallet, establishing a substantial short position.
 <blockquote>
 “I’ll likely be working with multiple branches of law enforcement to ensure that @degenharambe &amp; the rest of his partners on the @pepecoineth team get brought to justice as soon as possible. Their greed &amp; crimes have caused undue harm to many.”
 </blockquote>
 He has additionally revealed personal information about several individuals from the Pepecoin team and detailed their transaction activities. According to Pauly, the Pepecoin team is exploiting the community, and he asserts that their explanations regarding multisig wallets and PEPE holdings are entirely false.
 <blockquote class="twitter-tweet">
 The list of insiders in this post have started selling $PEPE 50 minutes ago. 400 billion $PEPE have already been sold mainly from this address: 0x22f6215b40434D9135B06f1C676fd9291936Aac3 You can trace their activity here:https://t.co/BYMz8cfrFE https://t.co/k0KCpeHTyR— Yazan (@YazanXBT) August 26, 2023
 </blockquote> 
 According to on-chain analyst Yazan, insider selling of PEPE holdings has commenced, with approximately 400 billion PEPE already sold, coinciding with Pauly’s exposure of Pepecoin team members. In response, Yazan has called upon crypto exchanges such as Binance and OKX to implement measures to prevent transactions from insiders.
 Related: PEPE whale seizes dip opportunity, buys $529K worth of tokens
 Pepecoin’s price has taken a bearish turn, plummeting by 15% due to selloffs executed by the team. Despite a brief 10% increase, the PEPE price couldn’t maintain its momentum and has experienced a decline, adding to the prevailing negative sentiment within the community.
 According to CoinMarketCap, the PEPE price stands at $0.00000090 at the time of writing, a 7% decrease over the last 24 hours.
 Magazine: What do crypto exchanges really do with your money?
 <template data-name="subscription_form" data-type="crypto_biz"></template>
</div>

Pepecoin: Insider trading claims surface amid token theft

TheBitTimes

Other articles published on Aug 26, 2023

AI Will Augment Jobs, But Certain Positions Are At Risk

BNB Faces Further Rejections At $220 As It Enters A New Range

HKD Stock Aim to Retest Trendline Toward $6.44 After 6% Decline

Tether Sparks Speculations with ‘Tether Energy’ Post!

Binance’s Legal Clash with SEC Raises Industry Concerns – Here’s What’s Happening

U.S. Treasury Department revealed game-changing Crypto tax reporting rules

Join our free newsletter for daily crypto updates!