Despite questionable sales by former members, Memecoin is not a scam, according to the project's remaining developer. He still has big plans for PEPE.

A developer of the Memecoin PEPE has spoken out about the latest allegations of scams surrounding his project and turned them down. This emerged from a statement on Twitter of the project's official profile.

In it, he confirmed that former team members stole 16 trillion tokens (equivalent to about $15 million) and sold them on various exchanges. They also made changes to Multisig wallets, allowing them to steal tokens.

an announcement to the $PEPE community:

Yesterday on August 24th, 2023, a series of unexpected transactions took place from the $PEPE multisig CEX
Wallet in which ~16 Trillion $PEPE tokens (worth roughly $15m USD) were transferred to various crypto exchanges (OKX, Binance,… pic.twitter.com/iZmXV1TAvw
— Pepe (@pepecoineth) August 26, 2023

As the remaining team member explains, it was an internal coup in which his partners betrayed him. Without his knowledge, they manipulated the wallets and sold the tokens.

According to him, however, the betrayal had been foreseeable. Time and again, the group had put the brakes on the project internally, according to the developer. At least with their departure, PEPE is now "free of these burdens," he further explained.

Now he bears sole responsibility for the continued development of PEPE. In the meantime, he has transferred the remaining ten trillion tokens to a secure wallet. PEPE's Twitter profile is also "in safe hands."

For the future, he wants to design Memecoin to be "truly decentralized" and "anti-fragile." In addition, a burn mechanism should be implemented that gradually removes tokens from circulation.

Meanwhile, his statement caused some stabilization in the price of the PEPE token. There were no further strong sales initially. However, it remains to be seen whether the frog will continue to rise as fast as it did in July.