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Jeremy “Pauly” Cahen, a notable cryptocurrency advocate and former promoter of Pepecoin (PEPE), has recently accused the Pepecoin team of being involved in insider trading activities. This controversy erupted after a massive theft of approximately 16 trillion PEPE tokens came to light.
Details shared by Cahen on August 26 indicate that there are nine wallets controlled by the Pepecoin team that hold a combined value of $16–17 million in PEPE tokens. Rather than selling these holdings outright, evidence suggests the team chose to discreetly offload their PEPE holdings from a centralized exchange (CEX) wallet, leading to a significant short position.
Cahen didn't just stop at the allegations. He's actively shedding light on the identities of the Pepecoin team members and has gone ahead to share details of their cryptocurrency transaction patterns. He claims that their stated reasons for having multisig wallets and certain PEPE holdings are far from the truth. Supporting Cahen’s claims, on-chain analyst Yazan has highlighted the initiation of insider sales, with around 400 billion PEPE already off the market. This aligns with Cahen's revelations about the Pepecoin team's activities. Yazan urges leading cryptocurrency exchanges like Binance and OKX to intervene and halt any transactions involving the suspected insiders.
The aftermath of these allegations has been swift. Pepecoin's value has faced turbulence, with a significant 15% dip attributed to the team's actions. Although there was a short-lived rebound of 10%, the PEPE token couldn't retain its value and continued to drop, exacerbating the already distressed mood among its community members.
Cahen remains resolute, hinting at potential collaboration with law enforcement to ensure the Pepecoin team faces accountability for their alleged actions.
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