Insider trading claims surface amidst token theft
Former PEPE promoter turned crypto influencer, Jeremy “Pauly” Cahen, has leveled insider trading allegations against the Pepecoin team following the reported theft of around 16 trillion PEPE tokens. Pauly is now exposing team members’ identities, divulging their wallet activities. On-chain analysts also point to significant Pepe Coin transactions involving insiders.
In an August 26 update, Pauly disclosed that the Pepecoin team possesses approximately $16-17 million in PEPE tokens distributed across 9 distinct wallets. Surprisingly, these insiders refrained from selling from these holdings. Instead, they strategically offloaded PEPE from a centralized exchange (CEX) wallet, establishing a substantial short position.
“I’ll likely be working with multiple branches of law enforcement to ensure that @degenharambe & the rest of his partners on the @pepecoineth team get brought to justice as soon as possible. Their greed & crimes have caused undue harm to many.”
He has additionally revealed personal information about several individuals from the Pepecoin team and detailed their transaction activities. According to Pauly, the Pepecoin team is exploiting the community, and he asserts that their explanations regarding multi-sig wallets and PEPE holdings are entirely false.
The list of insiders in this post have started selling $PEPE 50 minutes ago.
400 billion $PEPE have already been sold mainly from this address: 0x22f6215b40434D9135B06f1C676fd9291936Aac3
You can trace their activity here:https://t.co/BYMz8cfrFE https://t.co/k0KCpeHTyR
— Yazan (@YazanXBT) August 26, 2023
According to on-chain analyst Yazan, insider selling of PEPE holdings has commenced, with approximately 400 billion PEPE already sold, coinciding with Pauly’s exposure of Pepecoin team members. In response, Yazan has called upon crypto exchanges such as Binance and OKX to implement measures to prevent transactions from insiders.
Related: PEPE whale seizes dip opportunity, buys $529K worth of tokens
Pepecoin’s price has taken a bearish turn, plummeting by 15% due to selloffs executed by the Pepe Coin team. Despite a brief 10% increase, the PEPE price couldn’t maintain its momentum and has experienced a decline, adding to the prevailing negative sentiment within the community.
According to Coinmarketcap, the PEPE price currently stands at $0.00000090, exhibiting a 7% decrease over the last 24 hours. Within this timeframe, the price fluctuated between $0.00000085 and $0.00000095. Moreover, the trading volume has diminished in the past 24 hours, suggesting a waning interest among traders.
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