Pepe Coin

Pepe

Coin

<p>Deflationary meme currency Pepe Coin is embroiled in a web of controversy surrounding a significant token theft and accusations of insider trading.</p>
<p>As the Pepe Coin saga unfolds, an on-chain analyst known as Yazan alleges that individuals with privileged access have commenced the liquidation of their <a href="https://crypto.news/price/pepe/" rel="noopener noreferrer nofollow">PEPE</a> holdings, with a substantial volume of approximately 400 billion PEPE tokens already divested.&nbsp;</p>
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   <p>Update: The number is now up to 665 billion <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$PEPE</a> and the wallet selling still has 346 billion <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$PEPE</a>.<br><br>0x22f6215b40434D9135B06f1C676fd9291936Aac3</p>— Yazan (@YazanXBT) <a href="https://twitter.com/YazanXBT/status/1695311636104454162?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 26, 2023</a>
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<p>Yazan has issued a fervent call to action, urging prominent cryptocurrency trading platforms such as<a href="https://crypto.news/learn/beginners-guide-trading-binance/" rel="noopener noreferrer nofollow"> Binance</a> and OKEx to take proactive measures to quell the alleged insider trading practices.</p>
<p>The claims come on the heels of a post on social media from the official Pepe account detailing how 16 trillion Pepe tokens — valued at $15 million — were illicitly transferred to crypto exchanges OKX, Binance, Kucoin and Bybit before being sold. See below.</p>
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   <p>an announcement to the <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$PEPE</a> community: <br><br>Yesterday on August 24th, 2023, a series of unexpected transactions took place from the <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$PEPE</a> multisig CEX <br>Wallet in which ~16 Trillion <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$PEPE</a> tokens (worth roughly $15m USD) were transferred to various crypto exchanges (OKX, Binance,… <a href="https://t.co/iZmXV1TAvw" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/iZmXV1TAvw</a></p>— Pepe (@pepecoineth) <a href="https://twitter.com/pepecoineth/status/1695267128428114005?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 26, 2023</a>
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<h2 class="wp-block-heading" id="insider-trading-claims">Insider trading claims</h2>
<p>Jeremy “Pauly” Cahen, a one-time Pepe Coin marketer, has also alleged that the individuals behind the meme coin have engaged in insider trading following the vanishing of a staggering 16 trillion PEPE tokens.</p>
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<p>With a determined resolve, Cahen, or “Pauly,” has taken the step of revealing the identities of the team members in question, along with a meticulous breakdown of their wallet transactions. On-chain observers have noted a series of substantial Pepe Coin transactions attributed to insiders.</p>
<p>Addressing the situation on Aug. 26, Cahen revealed that the Pepe Coin team possesses a substantial cache of 16–17 million <a href="https://crypto.news/learn/what-is-pepe-coin-green-crypto-mascot-turning-heads/" rel="noopener noreferrer nofollow">PEPE coins</a> distributed across nine distinct wallets. In a surprising twist, insiders opted against a wholesale sell-off, instead strategically assuming a substantial short position by gradually offloading PEPE tokens from a controlled exchange (CEX) wallet.</p>
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   <p>The <a href="https://twitter.com/pepecoineth?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@pepecoineth</a> team is holding 16-17 million worth of <a href="https://twitter.com/search?q=%24pepe&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$pepe</a> across at least 9 different insider wallets.<br><br>Why didn’t they sell from those?<br><br>Because by dumping the CEX wallet they knew they could create a massive short position then dump the market + print.<br><br>Insider trading 101.</p>— PAULY (@Pauly0x) <a href="https://twitter.com/Pauly0x/status/1695326073238818950?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 26, 2023</a>
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<p>Cahen indicated that he intends to collaborate with law enforcement on the matter, and take action against the “pepecoineth” team which, he claims, disseminated falsehoods to the crypto community in order to enhance their personal gains.</p>
<p>Read more: <a href="https://crypto.news/pepe-coin-loses-20-one-week-amid-rug-pull-concerns/" rel="noopener noreferrer nofollow"> Pepe coin loses 20% one week amid rug-pull concerns </a></p>

Massive Pepe coin theft sparks allegations of insider trading

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