In a seemingly sudden shift in strategy, a cryptocurrency whale has sold a staggering 1.5 trillion tokens of the meme-inspired cryptocurrency $PEPE, worth around $1.2 million, on leading cryptocurrency exchange Binance in a move that culminated in a net loss of $242,000.
According to data from cryptocurrency analytics firm Lookonchain, the whale deposited their funds across three different transactions. The whale seemingly got the tokens onto its wallet on August 24, after it withdraw 1.5 trillion $PEPE valued at $1.45 million at the time from OKX.
This intriguing move follows in the wake of another significant event, which witnessed the PEPE team divesting a colossal 16 trillion $PEPE tokens in a move that rocked the cryptocurrency’s community. The tokens were allegedly stolen and sent to various cryptocurrency exchanges for the sale.
The official account of the PEPE token disclosed the transactions on August 26, in an announcement on social media detailing that a series of unauthorized transactions were initiated from the $PEPE multisig CEX Wallet to move the 16 trillion tokens to various exchanges.
The announcement shed light on the internal conflicts that have plagued $PEPE since its inception on April 17, 2023. According to the statement, a faction within the team, driven by “big egos and greed,” had been obstructing the project’s progress. These individuals were responsible for the unauthorized transactions and subsequently removed themselves from the multi-sig wallet, erasing their social media presence in the process.
The person behind the official X account apologized for the turmoil and financial losses incurred by the community due to these actions. They assured that the remaining 10 trillion tokens in the multi-sig wallet are secure and under responsible control.
Featured image via Unsplash.
