© Reuters.

The circumstances behind the mysterious $16 million withdrawal from the Pepecoin (PEPE) project’s multisig wallet have seemingly been revealed, with the finger pointed at three rogue ex-team members.

On Aug. 24, the price of PEPE plunged by roughly 15% amid fears of a potential rug pull after the community spotted that $16 million worth of PEPE was withdrawn from the Pepe multisig wallet and sent to several exchanges.

Comments on the Pepecoin announcement. Source: X