The statement from Pepe team has had a somewhat reassuring effect on the contract-related issues. Pepe had raised concerns among both investors and the memecoin market, primarily due to internal disputes within the team, especially related to the multisig address.

However, the announcement made in the early hours of today has helped alleviate these concerns to some extent. The team attributed the root cause of the chaos within the project to the inconsistent efforts of three individuals within the company and announced their departure from the project. With this statement, Pepe started to gain value, experiencing a 13% increase.

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Furthermore, they stated that to prevent such situations, they have reduced the required number of signatories for the multisig wallet from 8 to 2. They have placed the multisig wallet, containing a total of 10 trillion PEPE, under the management of a single signer, emphasizing that they have entrusted the wallet to trustworthy hands.

Other team members have issued a statement indicating that it has become evident that some malicious and ambitious members have been causing harm to the Pepe (PEPE) altcoin project since its inception. They highlighted that these members, who had a negative impact, are no longer part of the team, as they were found to have obstructed the project’s progress from its beginning.

A remaining team member specifically emphasized that they never held the sold tokens as intended and that they have securely preserved the remaining tokens. Additionally, they stated that PEPE‘s Twitter account is still under the team’s control and management.

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Furthermore, it appears that those responsible for SwirlLend rug pull, have executed the transfer of a significant volume of cryptocurrency from the Base blockchain to the Ethereum blockchain. To be precise, they have moved around $289.5K worth of various cryptocurrencies, encompassing 140.68 ETH and 32.6K USDC, from the Base platform to Ethereum. Additionally, they still retain approximately 92 ETH on the Base blockchain.

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Interestingly, even though Coinbase’s Base blockchain launched just a week ago with relatively limited secured capital, it has already experienced a collection of fraudulent activities and security breaches. SwirlLend, a lending protocol active on both Base and the recently established Linea chain, swiftly drained a combined total of $460,000 from these two chains right after its initiation, subsequently erasing its presence from social media platforms.

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