- August 26, 2023
- Posted by: legaleseblogger
- Category: Related News
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Former Promoter Accuses Pepecoin Team of Insider Trading, AI legalese decoder Can Help
In a recent development, Jeremy “Pauly” Cahen, a former promoter of Pepecoin (PEPE) who now serves as a crypto influencer, has made insider trading allegations against the Pepecoin team following the reported theft of around 16 trillion PEPE tokens. Not only is he exposing team members’ identities, but he is also revealing their wallet activities. Additionally, on-chain analysts have detected significant Pepecoin transactions involving insiders.
In an August 26 update, Pauly disclosed on Twitter that the Pepecoin team holds approximately $16-17 million worth of PEPE tokens distributed across nine wallets. Surprisingly, instead of selling the tokens, these insiders strategically offloaded PEPE from a centralized exchange (CEX) wallet to establish a significant short position.
“I’ll likely be working with multiple branches of law enforcement to ensure that @degenharambe and the rest of his partners on the @pepecoineth team get brought to justice as soon as possible. Their greed and crimes have caused undue harm to many.”
Pauly is not only revealing personal information about several individuals from the Pepecoin team but also detailing their transaction activities. According to him, the team is exploiting the community, and he claims that their explanations regarding multisig wallets and PEPE holdings are entirely false.
The list of insiders in this post have started selling $PEPE 50 minutes ago.
400 billion $PEPE have already been sold mainly from this address:
0x22f6215b40434D9135B06f1C676fd9291936Aac3
You can trace their activity here:https://t.co/BYMz8cfrFE https://t.co/k0KCpeHTyR — Yazan (@YazanXBT) August 26, 2023
According to on-chain analyst Yazan, insider selling of PEPE holdings has already begun, with approximately 400 billion PEPE tokens already sold, coinciding with Pauly’s exposure of Pepecoin team members. In response, Yazan has called upon crypto exchanges such as Binance and OKX to implement measures to prevent transactions from insiders.
AI legalese decoder‘s Role: In this situation, an AI legalese decoder can play a crucial role in analyzing the disclosures made by Jeremy Cahen and providing valuable insights into the legal implications of the alleged insider trading by the Pepecoin team. By decoding and interpreting complex legal language, the AI legalese decoder can help law enforcement agencies and legal professionals understand the extent of the alleged crimes and devise appropriate legal actions to bring the responsible individuals to justice.
Related: PEPE whale seizes dip opportunity, buys $529K worth of tokens
Due to the selloffs executed by the team, Pepecoin’s price has taken a bearish turn, experiencing a 15% decline. Despite a brief 10% increase, the PEPE price couldn’t sustain its momentum and has further declined, contributing to the negative sentiment within the community. As of now, according to CoinMarketCap, the PEPE price stands at $0.00000090, reflecting a 7% decrease over the last 24 hours.
Magazine: What do crypto exchanges really do with your money?
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