PepeCoin Faces Insider Trading and Token Theft Allegations

by Aug 27, 2023CryptoNews0 comments

A scandal has erupted in the PepeCoin community, as allegations of insider trading and token theft have surfaced. PepeCoin is a meme-based cryptocurrency that features the popular Pepe the Frog character. PepeCoin has a dual token system, consisting of PEPE and MEME tokens, which can be swapped at a 1:1 ratio using a smart contract.

According to some users, the developers of PepeCoin have been manipulating the price of PEPE and MEME tokens by buying and selling large amounts of tokens before and after major announcements or events. For example, some users claim that the developers bought a lot of PEPE tokens before announcing a partnership with CoinPayments, a payment gateway that supports over 1,000 cryptocurrencies. This caused the price of PEPE to surge by over 300% in a few hours. The developers then allegedly sold their PEPE tokens at a high price, making a huge profit.

Another example is the recent theft of over 6 million MEME tokens from the PepeCoin smart contract. Some users suspect that the developers were behind the theft, as they had access to the private keys of the smart contract. The theft caused the price of MEME to plummet by over 90% in a few days. The developers then allegedly bought back their MEME tokens at a low price, hoping to recover their value.

The developers of PepeCoin have denied these accusations, claiming that they are victims of a smear campaign by some disgruntled users or competitors. They also said that they are working hard to recover the stolen MEME tokens and restore the confidence of the community.

The PepeCoin community is divided over these allegations, as some users support the developers and others demand an investigation or a refund. The situation has also attracted the attention of some regulators and law enforcement agencies, who are looking into the matter.

See also  Powell: Stablecoins are money and need federal oversight

The PepeCoin scandal is one of the latest examples of the risks and challenges that face the crypto industry, especially in the meme-based and niche sectors. While some meme-based cryptocurrencies have gained popularity and value due to their humor and novelty, others have faced issues such as fraud, hacking, regulation, or lack of adoption. Therefore, users should be careful and diligent when investing or trading in these cryptocurrencies.

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