{"id":142010,"date":"2023-09-01T20:27:55","date_gmt":"2023-09-01T14:57:55","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=142010"},"modified":"2023-09-01T20:27:55","modified_gmt":"2023-09-01T14:57:55","slug":"pepe-plummets-13-following-mysterious-changes-to-multisig-wallet-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/pepe-plummets-13-following-mysterious-changes-to-multisig-wallet-crypto-news\/","title":{"rendered":"PEPE Plummets 13% Following Mysterious Changes to Multisig Wallet &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>The newly popular memecoin Pepe (PEPE) tanked 13% in value on Thursday after the crypto community noticed strange alterations to the multi-signature wallet used for enhancing the token\u2019s adoption.<\/p>\n<ul>\n<li>As <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/zachxbt\/status\/1694823981793104165\" data-wpel-link=\"external\">noted<\/a> by @Crypto_Noddy on X, the multsig wallet changed its threshold for token transfers from 5 of 8 to just 2 of 8 wallet signatures \u2013 far less than what is expected for storing reserves for popular coins.<\/li>\n<li>The multisig is meant to reserve a portion of Pepe\u2019s supply to provide liquidity for future exchange listing, liquidity pools, and bridges.<\/li>\n<li>Onchain sleuth ZachXBT, backed up the claim, noting that the wallet has now sent $15.6 million <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/who-is-selling-billions-of-shib-and-bone-to-buy-pepe\/\" data-wpel-link=\"internal\">PEPE tokens<\/a> to a mix of exchanges including Binance, OKX, and Bybit. The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/app.safe.global\/transactions\/history?safe=eth:0x5BdEA820293689B77FA8e83b1E3D58B27B5ce9BA\" data-wpel-link=\"external\">amount<\/a> left in the multisig totals 3.8% of the token\u2019s supply ($10.4 million).<\/li>\n<\/ul>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">TLDR: They transferred out $15.6M worth of PEPE from the multisig to an EOA address. That address started depositing the funds to exchanges.  <\/p>\n<p>Then they changed the number of signers on the multisig from 5 -&gt; 2 suddenly (bad security choice).<\/p>\n<p>\u2014 ZachXBT (@zachxbt) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/zachxbt\/status\/1694826751346577675?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">August 24, 2023<\/a><\/p>\n<\/blockquote>\n<ul>\n<li>\n<blockquote>\n<p>\u201cThey held unlocked PEPE tokens in a multisig with unknown signers meaning they could sell the tokens at any time,\u201d the analyst added.<\/p>\n<\/blockquote>\n<\/li>\n<li>ZachXBT acknowledged that all wallet signers may have already belonged to the same two people as now, but there\u2019s no way to know at present.<\/li>\n<li>Compromised keys are what enabled the $600 million Ronin Bridge hack last year, which stands as the largest DeFi hack in history.<\/li>\n<li>PEPE currently trades for $0.0000009472, down 13.74% on the day, and 29.61% from last month.<\/li>\n<\/ul>\n<div class=\"code-block code-block-12\" style=\"margin: 8px 0;clear: both\">\n<div><span style=\"font-size:11px;color: gray\">SPECIAL OFFER (Sponsored)<\/span><br \/>\n<b>Binance Free $100 (Exclusive): <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/pl\/binancebanner\" data-wpel-link=\"internal\">Use this link<\/a> to register and receive $100 free and 10% off fees on Binance Futures first month<\/b> (<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/buy-bitcoin-5-easy-steps\/\" data-wpel-link=\"internal\">terms<\/a>).<\/p>\n<p><b>PrimeXBT Special Offer: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/pl\/primexbt2\" data-wpel-link=\"internal\">Use this link<\/a> to register &amp; enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.<\/b><\/p>\n<\/div>\n<\/div>\n<p><!-- AI CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The newly popular memecoin Pepe (PEPE) tanked 13% in value on Thursday after the crypto community noticed strange alterations to the multi-signature wallet used for enhancing the token\u2019s adoption. As noted by @Crypto_Noddy on X, the multsig wallet changed its threshold for token transfers from 5 of 8 to just 2 of 8 wallet signatures [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":142011,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-142010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/142010","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=142010"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/142010\/revisions"}],"predecessor-version":[{"id":146773,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/142010\/revisions\/146773"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/142011"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=142010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=142010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=142010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}