Holders of the $PEPE memecoin sold en masse after the PEPE multisig wallet transferred more than 16 trillion $PEPE (~$16.9 million) to crypto exchanges. Although the multisig previously required five of eight signatories to approve transactions, just before the massive transfer, the multisig was changed to require only two of eight signatures — a much lower level of security.
The transfers and change to the multisig sparked fears that the project was rug pulling, or had been hacked. This led to a massive $PEPE sell-off, with the token plunging around 17%.
A day after the transfers, a PEPE team member posted on the project's Twitter account, alleging that the transfers were indeed theft by three of the project's other team members.