The meme-based cryptocurrency Pepe Coin is currently at the center of a swirling controversy involving a significant theft of tokens and claims of insider trading. On-chain analyst Yazan asserts that those with inside information have begun selling large quantities of their Pepe Coin, approximately 400 billion tokens so far. He strongly urges major crypto exchanges like Binance and OKEx to take steps to stop the suspected insider activity.
This follows a social media post from the official Pepe account that reported a loss of 16 trillion Pepe tokens, equivalent to $15 million, that were unlawfully moved to exchanges like OKX, Binance, Kucoin, and Bybit and then sold.
Jeremy “Pauly” Cahen, a former marketer for Pepe Coin, has similarly accused the people behind the cryptocurrency of insider trading, particularly after the disappearance of a staggering 16 trillion Pepe tokens. Cahen, displaying a strong commitment to transparency, has publicly disclosed the identities of the individuals involved and provided a detailed analysis of their wallet activities. Observers tracking blockchain transactions have noticed a pattern of large Pepe Coin sales that seem to originate from insiders.
In an update on August 26, Cahen disclosed that the Pepe Coin management team holds between 16 and 17 million Pepe tokens spread across nine separate wallets. Interestingly, rather than selling off their entire holdings, the insiders have opted to strategically build up a sizable short position by selling tokens gradually from a controlled exchange wallet. Cahen plans to cooperate with authorities to investigate the matter and take legal steps against the “pepecoineth” team, who he alleges have been misleading the crypto community for personal financial gain.