Recently, the memetic cryptocurrency, Pepe (PEPE), has faced challenges on multiple fronts. The contributors of this eccentric digital currency have reported unauthorized access to their primary Telegram channel, urging the community to label it as a scam.
Meanwhile, a prominent PEPE-associated account on X, previously known as Twitter, has also fallen into the hands of alleged scammers. Amidst these challenges, the coin’s value has declined, and there’s a noticeable shift in the community sentiment.
The compromised Telegram channel, which was a significant communication medium for Pepe enthusiasts, boasted nearly 45,000 followers at the time of the alleged hack. Since the breach, the contributors have distanced themselves from any information disseminated through this channel. They are now rallying the PEPE community to assist in shutting down the compromised group, emphasizing the need to establish a fresh, secure communication platform.
On social media, individuals with potentially malicious intentions now control the account “LordKekLol” on X, once a trusted voice for the PEPE community. The new handlers of this account are suspected of promoting scams, introducing new coins, and misleading investors.
Contrary to the claims made by the original PEPE team, the current account owner refutes the hacking allegations. Instead, they suggest that the PEPE team is experiencing internal disagreements and “split-ups.”
Tweets from various community members have echoed concerns about the authenticity of the information coming from these channels. Many advise caution and urge fellow supporters to verify any investment opportunities or announcements associated with Pepe. At the time this article went live, Pepe coin was on a downward slide, seeing its value drop by over 3%.
Significant sell-offs further exacerbate this decline in early September 2023. Large holders, seemingly losing faith, have offloaded over 2.3 trillion PEPE in exchange for Ethereum (ETH). The community’s trust took another hit when project contributors reportedly dumped a staggering 16 trillion PEPE on the OKX centralized exchange.
Pepe, once the most talked-about meme cryptocurrency of 2023, is navigating turbulent waters. With hacking allegations, team disputes, and a declining market value, the future of this digital currency hangs in the balance.
