According to an official statement on Pepe coin’s Twitter account, the coin’s Telegram group encountered a major security breach. The group’s owner’s old account was compromised, leading to the group’s takeover. As a result, the group has been locked down, with efforts underway to regain access or potentially establish a new communication platform.

Meanwhile, all official communications for $PEPE have been channeled through the @pepecoineth Twitter account. The community has been urged to remain vigilant, especially concerning potential scams, including those involving airdrops, staking, mints, and claims.

However, the hacking announcement was met with skepticism from some quarters. A Twitter user, Rikka (@bimmy_5), raised questions about the simultaneous hacking of the Telegram, Discord, and Twitter accounts associated with $PEPE. Rikka’s tweet alluded to a potential internal betrayal, suggesting that certain individuals might have cashed out an estimated $16M.

Another Twitter user, FireMooN (@Fatboy316931), issued a cautionary note to $Pepe holders. He warned that if there’s a hack, someone might be attempting to flee the scene. He also made a promotional pitch for $mong, suggesting it as an alternative for those looking to safeguard their investments.

Before the community could fully digest the hacking news, another revelation emerged from Pepe’s official Twitter. On August 24th, 2023, Pepe disclosed a series of unexpected transactions. Approximately 16 trillion $PEPE tokens, equivalent to about $15m USD, were transferred from the $PEPE multisig CEX Wallet to various prominent crypto exchanges. This move was unanticipated and raised a series of concerns within the community. The multisig wallet, initially set up to require 3 out of 4 signers for approval, saw three ex-team members allegedly transfer 60% of the tokens to exchanges for sale. These individuals then reportedly removed themselves from the multisig, leaving a message indicating a change in control. Pepe expressed shock at these actions and apologized to the community for the fear, uncertainty, and potential losses caused by these transactions.

Before Pepe Coin official announcement, Zachary Testa, known online as @degenharambe and @LordKekLol, has been identified as being associated with the $PEPE coin. Testa reportedly purchased an $865,000 purple Lamborghini using his earnings from the coin. This purchase has garnered attention, especially since Matt Furie, the original creator of Pepe the Frog, did not benefit financially from the coin’s success. Testa’s team allegedly had connections with major cryptocurrency exchanges, leading to the coin’s listing on platforms like Binance.

The unfolding events surrounding the $PEPE coin highlight the challenges and vulnerabilities in the cryptocurrency domain. While it offers vast opportunities, it’s not devoid of risks. Security breaches, potential internal betrayals, and unforeseen transactions can quickly erode trust.

For stakeholders and investors in the $PEPE coin, the current situation underscores the importance of staying informed through official channels. It also emphasizes the need for due diligence, security, and transparency in all crypto dealings. As the situation continues to evolve, the crypto world will be keenly watching how the $PEPE coin community navigates these challenges and the steps it takes to restore trust and confidence.

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