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Fortune

Marco Quiroz-Gutierrez

Pepe price crashes as developers send $16 million to exchanges and prompt fears of a rug pull

(Credit: Mohd Rasfan—AFP via Getty Images)

Pepe, Pepe coins sent about $16 million worth of the tokens to multiple crypto exchanges.

According to boutique digital asset research firm ASXN, the developers changed the number of signatures required for funds to be transferred from the wallet to two out of eight from five out of eight, making it easier to move the tokens. The crypto wallet then sent millions of dollars in Pepe tokens to several exchanges, a sign that the tokens could soon be sold.

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