Jeremy “Pauly” Cahen, a former promoter of Pepe Coin who has transitioned into a cryptocurrency influencer, has lodged allegations of insider trading against the Pepecoin team following the alleged theft of around 16 trillion PEPE tokens. Cahen has exposed the identities of the team members and leaked information about their wallet activity. On-chain analysts have also pointed out suspicious transactions involving insiders.
Cahen's recent update on August 26 disclosed that the Pepecoin team holds roughly $16-17 million worth of PEPE tokens across nine wallets. Intriguingly, these insiders haven't sold their holdings outright. Instead, they seem to have strategically moved PEPE tokens from centralized exchange (CEX) wallets and initiated significant short positions. Cahen expressed his intention to collaborate with various law enforcement agencies to ensure that the Pepecoin team, particularly @degenharambe and his partners, face legal consequences for their alleged greed and criminal act ions.
Additionally, Cahen divulged personal information about several Pepecoin team members and outlined their trading activities. He accused the team of exploiting the community, asserting that their interpretation of multisig wallets and PEPE holdings is erroneous.
Insider selling of PEPE tokens appears to be underground, with around 400 billion PEPE tokens sold as per on-chain analyst Yazan's observations. This activity coincided with Cahen's exposure of the Pepecoin team members. In light of this situation, Yazan has cal led on cryptocurrency exchanges like Binance and OKX to implement measures to prevent insider trading.
The value of Pepecoin has taken a bearish turn, experiencing a 15% drop as the alleged insider sell-off progresses. Although there was a brief 10% price increase, it was short-lived, leading to increased negativity within the community sentiment. ly , PEPE is trading at approximately $0.00000090, reflecting a 7% decline over the past 24 hours according to CoinMarketCap.
