08-28-2023 icon

Pepecoin team links stolen $15M to ‘Bad Actors’

By Lucy Adegbe

The Pepecoin team announced on Monday that “bad actors” on the team had stolen $15 million worth of the cryptocurrency. The theft was discovered on August 23, when the team noticed that a large number of Pepecoins had been transferred out of the token’s multisig wallet.

A multisig wallet is a type of cryptocurrency wallet that requires multiple signatures to authorize a transaction. This is designed to add an extra layer of security to the wallet, as it makes it more difficult for unauthorized individuals to access the funds.

In the case of Pepecoin, the multisig wallet required signatures from three different people. The team believes that the thieves were able to gain access to the signatures of two of the people, and then used those signatures to transfer the funds out of the wallet.

The team has said that they are working with law enforcement to track down the thieves and recover the stolen funds. However, they acknowledged that it may be difficult to do so, as the thieves could have easily laundered the funds or moved them to a different wallet.

The theft is a major setback for Pepecoin, which is a relatively new cryptocurrency that has been gaining popularity in recent months. The token is based on the popular Pepe the Frog meme, and it has been touted as a potential rival to Dogecoin.

The theft has raised concerns about the security of Pepecoin and other cryptocurrencies. It is a reminder that even the most secure wallets can be vulnerable to attack, and that investors should always be careful when investing in cryptocurrencies.

In addition to the financial loss, the theft has also damaged the reputation of Pepecoin. The token is now seen as a risky investment, and it is likely to take some time for the community to regain confidence in the project.