After the developers of the frog-inspired memecoin Pepe moved $16 million worth of tokens from their multisig wallet to various crypto platforms on Aug. 24, the coin’s price dropped by almost 15%.
This sparked suspicions of a possible “rug pull” by the team.
Blockchain custody app Safe Global reported that the wallet address sent 16 trillion Pepe tokens — about 3.8% of the total supply — to three exchanges and an unidentified wallet address.
The data reveals that OKX received $8.2 million worth of Pepe, Binance received $6.5 million, Bybit received $434,000, and the unknown wallet received $400,000.
After these transfers, the developers also changed the settings of their multisig wallet, which still holds $10 million worth of Pepe.
Etherscan data shows that the wallet now needs only two out of eight signatures — instead of five out of eight — to authorize any transfers.