Engineers discovered that PEPE’s smart contract has a blacklist function that will prevent addresses from receiving and sending tokens.

18,000% of rewarded PEPE tokens frozen

A post on Twitter by software engineer Cygaar attracted attention. He discovered that a contract address had been blacklisted by PEPE developers. The address holds about 2.5 trillion PEPE tokens and is currently worth about $8 million. Addresses added to the blacklist will be permanently locked, meaning they can no longer receive and send any tokens.

Within a few hours of PEPE being listed on the Uniswap trading pair, the address purchased 2.5 trillion PEPE for 0.013 ETH, but was immediately blacklisted 8 minutes after the transaction was completed. Blacklisted contracts cannot be modified and only have a destruction function but no minting function.

Why was this address blacklisted?

Some netizens at the bottom of the post speculated that perhaps in the early stages of the opening of the trading pair, only the project team and related internal personnel could purchase it. However, the address may not be an insider, and purchased it before the development team and was locked by the blacklist contract.

This is all because they bought all tokens for themslf. The blacklistd addres probably was an outsider

Pool launched with %93 of all supply + 2 ETH

That means, first 2 ETH size purchase buys ~46% of the token supply

First buyers hold the majority of spply. Who they're u think?

— Bora | Bora | 𐰉𐰆𐰺𐰀 (@bora_ozenbirkan) May 5, 2023

Others have pointed out that blacklist contracts are usually designed to prevent insider trading and prevent whales from controlling the majority of the supply. It is worth mentioning that the permissions of the blacklisted contract have been given up by the developers, and the contract can no longer be changed through upgrades or other methods, so this will be the only blacklisted account.

PEPE’s 24-hour spot trading volume exceeds US$2.9 billion, second only to BTC, ETH and stablecoins

According to CoinMarketCap data, PEPE’s trading volume on CEX (centralized exchange) reached US$2.9 billion within 24 hours, second only to BTC, ETH, USDT and USDC, with an intraday increase of approximately 35.1% (as of 5/8 18:00) .

Among them, PEPE has the largest trading volume on OKX, reaching $645 million. This makes it the currency with the highest spot trading volume for the USDT trading pair on OKX in the past 24 hours, even exceeding the combined trading volume of BTC and ETH.

The contract trading volume is mainly concentrated on Binance, with the trading volume in the past 24 hours exceeding US$1.9 billion, second only to BTC and ETH.

This article The $8 million PEPE address was blacklisted by developers and the tokens will be permanently locked first appeared on Chain News ABMedia.