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Cryptocurrencies have certainly been known to attract some strange news stories. Recently, there was a story of a Bitcoin miner in Taiwan who was renting stores and putting up phony restaurants to run mining operations with stolen electricity from the same building. In another news, Ethereum classic was the target of a 51% attack.
However, the latest news coming from the crypto world sounds a lot stranger than anything we’ve seen so far. Pablo Escobar’s estate has launched a cryptocurrency of their own to impeach the U.S. president Donald Trump.
Pablo Escobar’s brother is responsible for the new cryptocurrency. After GoFundMe pulled they Impeach Trump Fund worth $50 million, Escobar Inc. is getting ready for an initial coin offering (ICO) for a stablecoin that’ll be attached to the US dollar. The coin has been named ESCOBAR. The coin has two main purposes: One is to prevent any further censorship of it’s the estate’s efforts to dethrone president Trump; and the second is to compete with Tether, which is currently one of the most popular stablecoins out there.
“Originally the goal was to raise $50 million just using the GoFundMe platform,” Olof Gustafsson, Escobar Inc. CEO said in an interview. “After raising $10 million in just 10 hours we were shut down by GoFundMe and within 24 hours launched the ESCOBAR stablecoin cryptocurrency to avoid anyone censoring us again. We believe the Trump Administration [sic] or President Trump shut us down.”
Their claims that the fund managed to raise $10 million in the first 10 hours of being up were verified by a screenshot of the GoFundMe page. The campaign on GoFundMe was called ‘ByeByeTrump’.
They already have a whitepaper for the new stablecoin ESCOBAR. It is to be an ERC-20 token to be issued on the Ethereum blockchain. Each ESCOBAR will be tied to $1 which is ensured by a deal with a Belize firm according to the whitepaper. “Yes, we had plans to release this cryptocurrency in 2019 as a stablecoin alternative to the USD Tether (USDT),” Daniel Reitberg, COO of Escobar Inc. was quoted. “We do not trust the USDT… We think that people should use our coin, as we have a much larger business sense than most other companies out there and Roberto Escobar has made hundreds of billions of dollars throughout his career.”
The estate claims that ESCOBAR’s one major advantage over other stabelcoins is that it is attached to a well-known organization, unlike other stablecoins that are launched by unknown entities. Regardless of any claims by Escobar Inc., it is yet to be seen how well their new token will fair given that cryptocurrencies overall has been facing a bear market for the better part of a year.