Hacking News
PEPE Wallet Blacklisted, Raises Smart Contract Power Concerns
A PEPE investor who purchased trillions of tokens for $27 has seen their wallet blacklisted, preventing them from moving the tokens. The wallet, which held approximately 2.519 trillion PEPE in April 2023, was blacklisted just eight minutes after acquiring the tokens. The blacklist restriction gives whoever controls the smart contract a significant amount of power over the holders. The incident highlights the risks of developer-controlled crypto contracts and the importance of understanding who holds the power to edit contract rules and whether hidden admin tools remain active.