The price of Pepe plunged 15% following the revelation that its developers had sent 4% of the supply to crypto exchanges, and altered the multisig wallet security to only require 2 signatures instead of 5.
from blockchain custody app Safe Global, the wallet address transferred 16 trillion Pepe tokens — approximately 3.8% of the total supply — to three exchanges and an unverified wallet address.
Data shows $8.2 million worth of Pepe was sent to OKX, $6.5 million to Binance and $434,000 to Bybit, while an additional $400,000 was transferred to an unknown wallet.Following the transfer of the 16 trillion Pepe tokens to exchanges, the developers made a curious change to the team’s multisig wallet, which at the time of publication still contains $10 million worth of Pepe.
The change in number of signatures required to approve transactions from the multisig wallet. Source: Etherscan Notably, the transfer of funds marked the first time that Pepe tokens had ever been sent from the project's multisig wallet to exchanges.
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