According to a share made by an X user, Pepe’s (PEPE) multisig wallet was seized. Memecoin, which fell with this situation, caused panic in investors.
According to a post by CryptoNoddy, PEPE’s multi-signature protected (multisig) wallet has been compromised. Usually, multisig wallets allow assets to move with signature capability like 5/8 or 4/8. But this data in PEPE has moved to the 2/8 system. This means that an attacker who reaches 2 signatures has full authority on the wallet. Memecoin, which has fallen due to contract problems, has lost a great deal of value in the last 24 hours.
In trouble with smart contracts
PEPE, which was dragged into a chain of chaos due to problems in Multisig systems, increased the hacking signals. Moreover, being a memecoin brought Rug Pull concerns behind it. Despite BTC trading in a relatively positive area, PEPE, which collapsed, fell 20.66 percent in the last 24 hours to $ 0.000000871.
PEPE, which concerns not only investors but the general market, especially memecoins, may pave the way for drastic declines if faced with a possible hacking situation. PEPE, which showed an incredible price movement while coming to the Binance listing process, is now coming to the fore with the risks it has created.
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