Rogue Pepecoin Team Members Blamed for $16 Million Pepe Multisig Withdrawal
IIE Digital Desk : The withdrawal was made on August 24, 2023, and the funds were sent to an unknown address. The Pepecoin team has since claimed that the withdrawal was made by rogue members of the team who had access to the multisig wallet. The multisig wallet requires three signatures to approve a withdrawal. However, it is alleged that the rogue members were able to obtain the signatures of two other team members without their knowledge.
The Pepecoin team has said that it is working to recover the funds, but it is unclear if they will be successful. The incident has raised concerns about the security of Pepecoin and other cryptocurrency projects that use multisig wallets.
Multisig wallets are considered to be more secure than single-signature wallets, as they require multiple signatures to approve a withdrawal. However, they can also be more vulnerable to attacks if rogue members of the team are able to obtain the necessary signatures. The Pepecoin incident is a reminder of the importance of security in cryptocurrency projects. Projects should carefully vet team members and implement security measures to protect their funds.
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