25/08/2023 Weird PEPE Transfers Spook Crypto Investors and Prompt Meme Coin's 15% Plunge

On-chain sleuths noted troubling changes to the oversight of a key wallet.

(Danny Nelson/CoinDesk)

(Danny Nelson/CoinDesk)

Millions of dollars worth of thePEPEmeme coin flooded crypto exchanges Thursday, spooking investors who drove its price down and drawing attention to spooky action in the project's multisig, among the single-largest holders of the joke cryptocurrency.

Over 16 trillion tokens flowed out of the PEPE multisig wallet midday Thursday on its way to addresses associated with Binance, OXK, and Bybit. That action came shortly after on-chain sleuths noted troubling changes to the oversight of how that vault-like wallet handles transaction approvals.

Instead of requiring five of eight wallets to sign off on transactions, it had changed to only two out of eight.

The highly unusual action represented the first time the project's all-important multisig – keeper of much of the token's supply – has ever sent out the meme coin.

PEPE's price plunged after the actions came to light, down 15% as of press time.

Arts

https://www.coindesk.com/markets/2023/08/24/weird-pepe-transfers-spook-investors-and-prompt-12-plunge/

Interesting NFTs
Genesis
José Delbo sent me his striking pencil sketch and powerful inked work, which I then interpreted in oil on canvas. I wanted to create a very painterly piece with obvious brush marks etc, but I was also aiming for a nostalgic feel, a kind of 1980’s superhero comic book look, the kind I grew up with. My goal with this animation was to try to recreate, in part, the creative process that both artists went through with the visual information I had. I was able to showcase my painting process more accurately as I could take photographs of my progress throughout. Consecutive images could then be layered like brush strokes over José’s drawing to create the impression that this was one continuous artwork from pencil, to ink, to completed painting. The representation of the line sketch at the beginning, then pencil/ink and lastly the paint layers being applied demonstrate both artists’ struggle for the right lines, tone, form, and colour until the work is finally completed. As the oil was still wet with each photograph the glare of my studio lights can be seen in the brush strokes. Eventually, the figure emerges and as it does, our hero comes to life, looking directly at the viewer -- but is he grimacing in approval or disgust? We will never know for sure as just before he can say anything, white paint is brushed across the canvas entirely and the process begins again. Only the bat is quick enough to escape.
CryptoKitties
Good day! I'm Kitty #404372. I've never told anyone this, but I once snuggled a dog. When no one's home, I invite my pals over and we listen to Ace of Base. Can't wait to eat cantaloupe with you!
The Complete MF Collection
THE COMPLETE MF COLLECTION by Beeple
#51442
By OthersideDeployer
/ TWO BLINDFOLDED EYES /
Trust your Intuition, two blindfolded eyes look much clearer than a blind mind.