PEPE token controversy explained. India leading crypto regulations this G20 with crypto revenues to hit $3 billion by 2027. Turn your data to dollars 🤑 Work for Binance.
GM fam! we see you googling “crypto community controversies” often. We’ve got one for you right here with PEPE’s rogue ninjas. 🥷🏻
We’ve covered the PEPE controversy, India’s G20 policy and products like Typography AI and Acorn, along with new opportunities to learn, earn and move up in web3! 🚀
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PEPE Token Controversy: The Rise, Fall, and Potential Comeback? 🐸
PEPE is in the news again after its massive hit in May and quickly rising to the Top 100 tokens. But this news is not so good 🤨
The Sell-Off 📉
PepeCoin, the dearest meme coin of 2023, the light in the bear market, and everyone’s favourite, faced a shocking betrayal.
🥷🏻 The culprits: 3 ex-team members
💸 What they did:
16 trillion PEPE tokens (worth about $16 million) sold off on Binance and KuCoin.
26% plunge in market cap, dropping to $315.72 million before slightly recovering to $342 million.
…and we got nothing but crickets for 2 days after this 🦗
Then, the project's last remaining founder broke the news on Twitter 💥
These “three ex-team members" acted behind the founder's back, sold the tokens, removed themselves from the multi-sig wallet, and vanished...not before leaving a message that the founder was now "in full control." 👀
💡 Multi-signature Wallets: These wallets require approval from multiple individuals to authorize a single cryptocurrency transaction, enhancing security.
The founder also said that the tokens were never meant to be sold for profit. ❌
"Had I been in charge the whole time, I would've made donations and burned the majority of the CEX wallet long ago.”
Despite the setback, the anon founder is not giving up:
The remaining 10 trillion PEPE tokens (worth about $8.76 million) are "in safe hands."
Plans in place to fully decentralize the project by burning all remaining tokens under its control.
The future of PEPE doesn’t seem to be a dark one; it’ll survive, but the question is, how secure are multi-sig wallets? 🥵
Last year, Axie Infinity's Ronin network was drained for $622 million. While multi-sig wallets offer better security, they're definitely not foolproof. Read more.
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The G20 Summit is almost here, and we’ve got some crypto regulations coming our way! 🚓💨
India is stepping up to lead the global conversation on crypto. PM Narendra Modi is calling for unified crypto rules, comparing them to global aviation standards.
🎯 Goal: Create a detailed, action-oriented roadmap for crypto regulations.
📅 When: The G20 Summit, September 9-10 in Delhi.
Over the past year, India has been laying the groundwork to be at the front when it comes to crypto.
From initiatives like the blockchain module for mentorship and career exploration and the Minister of State for Finance Pankaj Chaudhary emphasizing that crypto is borderless, we’ve come a long way!
Inclusivity and Global Impact 🌍
Modi is advocating for the African Union's involvement in crypto discussions.
🎯 The Aim: Prevent crypto exchanges from exploiting regions with lax regulations.
🌍 Global Reach: The recent BRICS gathering (Brazil, Russia, India, China, South Africa) signals a shift in the global order.
FMNirmala Sitharaman claims that no single country can regulate crypto effectively; we’ve gotta be ✨ALL IN THIS TOGETHER✨
💰 Future Projections: India's crypto revenues are expected to hit $3 billion by 2027.
With India in the driver’s seat, the G20 Summit could flip the game for crypto. Countries are looking to counter Western influence and embrace a more inclusive approach, so let’s keep an eye on how India leads on this trip! 🤨 Read more.
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🪙 Tough times at CoinDCX, folks. 12% of the staff laid off, thanks to a bearish crypto market and India's tax bite. Survival mode on.
🎒 Surrey school's a trailblazer! First in the UK to teach kids about Web3 & NFTs. Teach them young about blockchain safety and digital smarts, atleast they won’t have regrets about not buying bitcoin in 2013.
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