Wall Street Pepe is one of the most successful crypto presales of 2024-2025. While the team behind the crypto project remains anonymous, its $WEPE coin presale has raised over $ 67 million. In this article, we expose how the Wall Street Pepe crypto presale operated as a scam at the expense of crypto investors who trusted the project and invested in the $WEPE coin presale. Our investigation is based on a Reddit post that highlighted several aspects of the operation that stand out as red flags.

$WEPE Coin Oversale and Liquidity Pool Discrepancies in the Wall Street Pepe Crypto Project

According to the Wall Street Pepe whitepaper, the $WEPE total supply is 200B, with 40B (20%) allocated to presale buyers as part of the Frog Fund. However, the whitepaper also mentions that the presale token allocation is 146 billion tokens, representing 73% of the total supply, which contradicts the Frog Fund $WEPE coin allocation. This implies that tokens allocated for staking rewards, trading rewards, and the marketing budget could also be sold during the presale.

$WEPE Tokenomics breakdown showing the total supply, allocation percentages for presale, liquidity, team, marketing, and other categories
Wall Street Pepe Tokenomics. Source: Wall Street Pepe whitepaper

However, selling 73% of the $WEPE supply didn't seem enough for the Wall Street Pepe crypto team. As the presale gained momentum, the team sold almost the entire Wall Street Pepe coin supply (199.5 billion out of 200 billion). This is easily observable from the smart contract read operation "totalTokensSold" visible on Etherscan.

Screenshot of the Wall Street Pepe presale smart contract on Etherscan, displaying the totalTokenSold parameter, which reveals the actual number of $WEPE tokens sold
totalTokenSold value from the Wall Street Pepe presale smart contract on Etherscan. Source: https://etherscan.io/address/0x9a15bb3a8fec8d0d810691bafe36f6e5d42360f7#readProxyContract

This action clearly indicates foul play and improper project management. Could the Wall Street Pepe team have planned to sell tokens at a high presale price and buy them back post-launch at a significantly lower price? This seems plausible and highlights the team's lack of genuine confidence in their project, betting on price drops after the $WEPE launch.

Wall Street Pepe Crypto Liquidity Pool and $WEPE Coin Listing Price Manipulation

According to the Wall Street Pepe whitepaper, 15% of the $WEPE coin total supply (30 billion tokens) was reserved for exchange liquidity. The whitepaper states that the token would initially launch on an Ethereum-based Decentralized Exchange (DEX), and potentially later on a Centralized Exchange (CEX). Despite this, only 4.69 billion $WEPE tokens (2.3% of the total supply) were actually added to the Uniswap liquidity pool. For a crypto project raising $67 million, we would expect at least 5% of the tokens to be in the liquidity pool, particularly since the initial reservation was explicitly 15%.

Furthermore, just 343 ETH was allocated to the liquidity pool alongside these digital tokens. At an ETH price of $ 2,866.8 (taken from the first transaction seconds after the pool was created), the listing price is calculated as (343 ETH * $ 2,866.8) / 4.69 billion tokens, equal to approximately $0.00021 per token. This is 42% lower than the $0.0003665 listing price stated in the Wall Street Pepe's whitepaper.

A blockchain transaction record on Etherscan showing the first liquidity pool transaction for the $WEPE token trading pair, with details on token and ETH deposits
First transaction adding liquidity to the $WEPE trading pair. Source: https://etherscan.io/tx/0xbca425da6add9be9c2770815dc996020faa48117f37365c28f57034e256f4c9c

The reduced listing price means that almost all presale buyers paid significantly more for the token than its listing price, resulting in losses even before trading began on Uniswap. The Wall Street Pepe team never informed $WEPE presale participants about this change.

Wall Street Pepe Coin Buyback Scheme

After selling the entire supply of 200 billion $WEPE coins during the presale and listing the token on Uniswap, crypto investors began claiming their digital tokens (those who didn’t stake). However, there weren’t enough tokens left for distribution. With 4.69 billion tokens already allocated to the liquidity pool, the Wall Street Pepe team had only 195.31 billion $WEPE coins remaining—insufficient to cover the nearly 200 billion tokens presold, plus the substantial staking rewards promised, which reached hundreds of percent for many who staked.

To resolve the issue, the $WEPE team resorted to secretly buying back the $WEPE coins on the open market via Uniswap. They utilized address 0xb29dd...27fe523, which was easily traced back to the $WEPE presale smart contract through the funding wallet, which was itself funded by the $WEPE presale smart contract. The mentioned address was funded with 1426 ETH, with 1056 ETH used to buy back approximately 41 billion $WEPE coins. This allowed the Wall Street Pepe crypto team to repurchase the oversold tokens at less than one-fifth of the final presale stage price. This generated significant short-selling profits for the team while causing substantial losses for crypto investors.

$WEPE token distribution visualized with a pie chart and a list highlighting the top two holders
The Wall Street Pepe Team wallet holds the second-largest share of $WEPE coins. Source: https://etherscan.io/token/tokenholderchart/0xccB365D2e11aE4D6d74715c680f56cf58bF4bF10

Missing Tokens and Failed Staking Rewards Promises

The Wall Street Pepe team promoted Wall Street Pepe staking rewards in the thousands of percent, an unrealistic claim from the start. Last month, they removed these rewards entirely, further damaging trust in the project.

Holding the Wall Street Pepe Team Accountable: Legal Actions for $WEPE Coin Investors

We've previously uncovered possible connections between Finixio and Block Labs to several crypto presales, including Best Wallet. No concrete evidence links these companies to Wall Street Pepe. However, their alleged involvement in similar crypto projects raises questions about whether they could be connected to Wall Street Pepe. Investors affected by the Wall Street Pepe presale may want to explore legal options. Some key points to consider include:

  • The Wall Street Pepe crypto project is likely based in the UK.
  • The Wall Street Pepe whitepaper demonstrates the crypto project's efforts to comply with Europe's MiCAR regulations. The document contains disclaimers, warnings, and information required by the regulation. If you're a European citizen, consider filing a complaint with your local regulatory authorities, as this breaches MiCAR guidelines.
  • Contact Clickout Media, the marketing firm behind the massive promotional campaign for the Wall Street Pepe presale. They heavily promoted the crypto presale and likely paid a significant amount. It's reasonable to believe they might know who is behind Wall Street Pepe.
  • Contact Web3Payments, the company behind the self-hosted crypto launchpad used to raise the funds. They provided the crypto launchpad used by Wall Street Pepe for its $67M fundraising. They conduct KYC on all their clients, so they know who is behind the Wall Street Pepe crypto project.

Cryptocurrency investors should not let the Wall Street Pepe team operate in secrecy. By taking legal steps and approaching the entities involved, they can hold those responsible accountable and prevent similar incidents.

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