As widely recognized, a significant crisis recently unfolded within the PEPE token ecosystem.
The parameter governing the minimum number of multisig wallets required to authorize modifications to the token’s smart contract underwent a drastic reduction, shifting from 5/8 wallets to 2/8 wallets. Consequently, a substantial quantity of PEPE altcoins held in these multisig wallets were transferred to centralized exchanges and subsequently liquidated.
A communiqué was issued this morning by the PEPE team, addressing the matter. As per the announcement, certain individuals from the development team had expressed the desire to divest themselves of their coin holdings and relinquish administrative roles since the token’s inception. However, these requests were denied. The statement revealed that these individuals clandestinely sold off 16 trillion PEPE tokens, consequently reducing the multisig threshold to 2/8.
The statement contended that these individuals no longer retain managerial roles, with the current team members in administration demonstrating unwavering dedication to the token. It asserted that a single wallet now possesses signature authority, emphasizing the security of this arrangement.
Furthermore, the statement disclosed the unfortunate compromise of the token’s Telegram account, leading to loss of access.
Analyst Identifying Smart Contract Alteration: “Signature Authority Wallet Count Remains Unchanged”
In response, an analyst who initially detected the adjustment in multisig wallet conditions issued a counterstatement. The analyst argued that the PEPE team’s declaration contained misleading and erroneous information. Contrary to the team’s claim, the analyst maintained that the count of wallets with signing authority had not been reduced to one; rather, 2/8 wallets are still requisite for enacting adjustments to the smart contract.
Furthermore, the analyst appended that none of the multisig wallets implicated in the alleged breach of trust had been removed from the roster of wallets possessing signature authority.
In my opinion, there are several misleading/incorrect statements made here.
Firstly, there is not one signer remaining. The multisig remains a 2/8, having been decreased from 5/8. No signers have been removed. It has not been updated other than the threshold changing to 2. https://t.co/qAZRExNIig pic.twitter.com/NKDr3zrFJZ— CryptoNoddy (@Crypto_Noddy) August 26, 2023